The post AVAX Price Upcycle Faces Triple Top Threat appeared first on Coinpedia Fintech News
As the bullish trend faces opposition in many altcoins, the AVAX price faces a similar situation. Taking constant support from the $30 baseline, the Avalanche token stands at a crossroads.
The recent bull cycle in the Avalanche price trend with the channel breakout struggles near $36. As the altcoin takes a dip this Sunday, the sideline traders question the possibility of Avalanche reaching $100 in 2024. Find out more in our AVAX Price Prediction, sharing a long-term analysis.
Double Bottom Failure For Avalanche
With the sideways trend surpassing the overhead trendline of the falling channel, the AVAX price concludes the pullback phase. However, the breakout rally fails to gain breakout momentum, leading to an extended lateral trend.
Furthermore, the AVAX price trend shows a double bottom pattern failure as the buyers fail to break the $38 mark. Currently, the AVAX price trades at $36 with an intraday gain of 1.34%.
However, the 4.42% drop on Sunday undermines the breakout possibility and teases a triple top pattern. This warns of a bearish continuation in the altcoin, in case the broader market corrects.
Technical indicators:
DMI: The VI lines are merged as the sideways trend leads to a decline in bullish momentum.
RSI: The daily RSI line showcases a bullish rise in the halfway line.
Will AVAX Price Cross $50?
With the broader market showcasing a high possibility of a bull run this week, the AVAX price stands at a crossroads. As it struggles to surpass the $40 mark, the bearish reversal chances are high for Avalanche.
In case of a reversal, the downtrend can result in a retest of the $30 baselin. On the upside, a bull run above $40 might surpass $50 for an extended bull run.
