AVAX Price To Record A Bullish Reversal Or Breakdown?

Regardless of ending the second week of “Uptober” on a optimistic notice, the crypto market has stumbled over the previous six days on account of elevated geopolitical tensions. Following this, the main cryptocurrencies recorded a steep decline of their respective valuations.

Furthermore, regardless of recording an ascending channel sample within the 1D timeframe, this altcoin has constantly rewarded its buyers with destructive returns. Is Avalanche’s dream run exhausted or will this fallen crypto mission make a fast comeback this altcoin season?

AVAX Value retests the channel sample assist trendline!

Amid elevated market volatility, the Avalanche token has constantly exhibited destructive value motion by falling 3.24% over the previous day and eight.74% over the previous week. Long term, the inventory is down ~11% over the previous month and has a YTD return of -34.16%.

The Relative Power Index (RSI) has proven a big downward pattern over the previous day. This means a rise in selling-over-buying strain within the cryptocurrency market.

Moreover, the SMA indicator repeatedly acts as resistance to the AVAX value chart within the 1D timeframe. This highlights the destructive outlook for the altcoin within the coming week.

Will the avalanche value attain a brand new excessive in 2024?

Suppose a bullish pattern reversal happens, then in such a state of affairs, AVAX coin value will retest its resistance stage of $31.50 this month. Moreover, if the market continues to favor the bulls, it may lead the value to go in direction of the very best resistance stage of $39.30 within the close to future.

Quite the opposite, if market uncertainty will increase, the Avalanche token may retest its supportive trendline at $24.30. Furthermore, if the bears dominate the crypto area this fourth quarter, it may result in the AVAX token falling to its essential low of $17.30.

Questioning if AVAX crypto will hit the $50 mark this 12 months? Learn CoinPedia’s Avalanche (AVAX) value forecast to find the short- and long-term value outlook!