• 24 June, 2024
Market News

Avalanche Price Gains Momentum in Second Macro Downtrend Retest

Avalanche price dynamics are drawing significant attention as the layer one blockchain undergoes its second retest of the Macro Downtrend. This retest phase is proving successful thus far, indicating a potential turnaround in the cryptocurrency’s market trajectory. Investors and market analysts closely monitor the resilience of Avalanche (AVAX) during this critical phase.

Rekt Capital, a crypto trader, and analyst, shared insights on a Twitter post providing a detailed examination of Avalanche’s current market situation

The outcome of this retest is pivotal for Avalanche’s price and also holds implications for the broader blockchain sector, especially for layer-one protocols. As the market continues to observe Avalanche’s performance, the successful retest could mark an important milestone in the blockchain’s journey.

Avalanche price analysis reveals that the AVAX/USD pair has been trading above a pivotal level of $37. This development comes after a brief downturn, during which the market witnessed a considerable fall. Currently, the Avalanche token’s value stands at an impressive $37.13. This marks an increase of over 14% in just the last 24 hours, a sign of strong buying interest in the market.

Previously, the AVAX price oscillated within a narrow range of $32 to $38. However, it wasn’t long before it experienced a decline, losing about 13% of its value within a week. During this period, the price movement was relatively flat, indicating a lack of decisive movement between buyers and sellers. After this phase of uncertainty, the Avalanche token exhibited notable fluctuations in its price, suggesting a volatile market.

Looking forward, if the bullish trend continues and the price remains stable above the $38.00 mark, there is a high probability that Avalanche will gather momentum. This could lead the coin to challenge its resistance level at $42.00 in the coming week. Conversely, if the bulls lose their grip and momentum wanes, the price of Avalanche might take a downward turn, possibly retesting its support level at $32.00. Furthermore, if the bears gain a stronger foothold in the market, the price could plummet, possibly reaching a lower support level of $30.00 in the short term.

AVAX/USD 4-hour price chart, Source: Tradingview

The market’s technical indicators are currently signaling a strong inclination towards buying. The Relative Strength Index (RSI), with its readings above 50, corroborates this bullish sentiment. Moreover, the current positioning of the 20-EMA above the 50-EMA further confirms the bullish trend. Adding to this positive outlook, the Moving Average Convergence Divergence (MACD) remains in bullish territory, as indicated by the green lines crossing over each other in the histogram.

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