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 increased.
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 increased quickly.
AVAX, the native coin of the Avalanche blockchain, has added 2.5% to its worth during the last 24 hours, making it one of many prime performers among the many prime 20 cryptocurrencies by market cap.
At press time, the price of Avalanche stands at $17.11 and will rally in the direction of $20 quickly. Nevertheless, the market may retest the $15 low because the bearish development remains to be in play. Its efficiency may rely on the broader crypto market and the continued disaster between Israel and Iran.
AVAX may take a look at $15 earlier than rallying increased
The AVAX/USDT 4-hour chart reveals that the pair remains to be bearish regardless of the latest restoration. The pair may take a look at the $15 low quickly earlier than rallying increased.
The relative energy index (RSI) of 45 reveals that the bears stay in management, however the pair could possibly be heading into impartial territory. The MACD can be inside the destructive area due to the bearish sentiment.
If the bullish development continues, AVAX may goal the 4-hour inside 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.
Nevertheless, 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.
