Key takeaways
- AVAX is buying and selling above $17 per coin after hitting the $15.90 mark on Sunday.
- Regardless of its restoration, AVAX may retest the $15 low earlier than surging larger.
AVAX surges 2% as broader market recovers
The cryptocurrency market is having a optimistic begin to the week following a bearish weekend. Bitcoin, ETH, AVAX, and different main cryptocurrencies have bounced again from yesterday’s lows and will rally larger quickly.
AVAX, the native coin of the Avalanche blockchain, has added 2.5% to its worth over the past 24 hours, making it one of many high performers among the many high 20 cryptocurrencies by market cap.
At press time, the value of Avalanche stands at $17.11 and will rally in the direction of $20 quickly. Nonetheless, the market may retest the $15 low because the bearish development continues to be in play. Its efficiency may rely upon the broader crypto market and the continuing disaster between Israel and Iran.
AVAX may take a look at $15 earlier than rallying larger
The AVAX/USDT 4-hour chart exhibits that the pair continues to be bearish regardless of the latest restoration. The pair may take a look at the $15 low quickly earlier than rallying larger.
The relative power index (RSI) of 45 exhibits that the bears stay in management, however the pair may very well be heading into impartial territory. The MACD can be inside the adverse area because of the bearish sentiment.
If the bullish development continues, AVAX may goal the 4-hour inner liquidity degree at $17.58 within the coming hours. An prolonged bullish run would allow AVAX to hit the $20 mark for the primary time since June sixteenth.
Nonetheless, the technical indicators stay bearish, suggesting that AVAX may nonetheless dip decrease. AVAX may take a look at the assist degree at $14.61 quickly if the bearish momentum on the upper timeframe holds. Failure to defend the assist degree at $14.61 may see AVAX hit the $12 mark for the primary time since November 2023.
