Price is in a Downtrend, however, it had a bullish breakout from Falling Wedge pattern, above $25 resistance, which could signal at least a temporary bullish trend reversal with upside potential to $30 resistance. Stop Loss at $24.40.
This is a riskier trade setup because itās a trend reversal not a trend continuation setup. Itās against the overall downtrend.
Weekly Price Analysis
7-Day Price Change: +9.3%
Week Open Price: $24.30
Trend: Short-term trend is Up, Medium-term trend is Down and Long-term trend is Strong Down.
Momentum is Bullish ( MACD Line crossed above MACD Signal Line) ABOVE days ago. Price is neither overbought nor oversold currently.
Support and Resistance: Nearest Support Zone is $20.00, then $15.70. Nearest Resistance Zone is $30.00.
Technical Indicators
Relative Strength Index (RSI): 62, indicating moderate momentum.
Moving Average Convergence Divergence (MACD): Slightly bullish, with the MACD line above the signal line.
Bollinger Bands: Price is near the upper band, suggesting potential overbought conditions.
News Roundup
Staking Rewards: AVAXās staking rewards continue to be strong, with an Annual Percentage Yield (APY) of 8.67%.
Market Resilience: AVAX bucked the trend during recent market downturns, showcasing strong recovery and price gains despite broader market declines.
Transaction Volumes: AVAX saw record-high transaction volumes in recent weeks, contributing to its price strength.
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