Avalanche (AVAX) enjoys a relief uptick after a massive fall. Considering the technical alignments and overall market mood show the latest price trend advocating for extended upside strength for the alt. Avalanche tested its record lows, exhibiting impressive trading volumes.
- AVAX saw its price gaining a staggering 19% today (Tuesday) following yesterday’s market-wide turmoil.
- Analysts expect the price to extend upside as the momentum oscillator display oversold conditions.
- A double-bottom structure could back the token’s upside probability.
Avalanche Price Surges High
The daily price chart show Avalanche pressured under the descending trend-line from $104 peaks, registered on 4 April. Since then, ACA lost approximately 40% to explore its record lows near $40. A new buying strength would propel the upside towards the $50.0 psychological before hitting the horizontal resistance at $60.
Meanwhile, the oversold condition on technical indicators indicates a U-turn, though with restricted price moves. The price action remains limited since the market is yet to escape the woods.
The Relative Strength Index remains beneath the average line, exhibiting neutral favoritism. An upsurge in this indicator would bolster the optimistic outlook for Avalanche. Currently, the RSI reads near 32.
The volume oscillator trades at 25, which shows the near-term volume trends higher than the long-term volume bias. Invalidating the bullish narrative would trigger another decline to record lows. Increased selling strength would form a base for new Avalanche lows.
While writing this content, AVAX-USD traded at $46.14, surging 11.67% over the past day. Avalanche ranks 12 in the crypto-list by market capitalization, with its 24hr trading volume standing at $1,852,698,202 (Coinmarketcap).
Avalanche’s upswings come as the broad market tries to revive following the latest massive crush. While writing this content, the cumulative cap of all digital coins stood at $1.46 trillion, losing 3.11% within the previous day.
Also, Bitcoin struggles around the $31,000 mark. While writing this content, Bitcoin traded around $31,607, following a 4.02% slump within the last day. Though Avalanche decouples, the prevailing bearishness in the marketplace could delay the upside. Moreover, analysts believe BTC will extend its downside.
What are your thoughts about the current conditions in the crypto spectrum? Feel free to comment below.
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