AVAX Technical Analysis: Supply Dump Discounts AVAX Under $20

AVAX prices fall drastically this year and crack under $20, reflecting a massive supply dump warning a dip to the $10 mark. Key technical points: The market price has increased 14.34% over the past 24 hours. The price action shows a bull cycling gaining momentum within the falling channel. The 24-hour trading volume of Avalanche is $1 Billion, indicating a hike of 36%. Past Performance of AVAX AVAX prices show a massive fall in the market value over the past few months, reflecting a strong bearish grip over the trend. The freefalling prices form a descending channel pattern after the fallout of $30 in the daily chart. The bearish channel accounts for depreciation of almost 60% to reach the $15 mark. However, the buyers resurface at the confluence of the support trendline and the $15 demand zone resulting in a lower price rejection. Source- Tradingview AVAX Technical Analysis  The lower price rejection near the support confluence drives the AVAX prices 15% higher and forms a morning star pattern. However, the recent daily candle shows a bearish influence, cutting 2% of market value and eyes to undermine the reversal pattern. The daily-RSI slope shows a reversal from the oversold zone but struggles to surpass the 14-day SMA line. Moreover, the bullish divergence is present in the falling channel, teasing a potential rise to beat the resistance trendline. The MACD indicator displays the fast and slow lines regain the bullish alignment after the recent merger, avoiding a bearish crossover. Moreover, the bullish histograms resurfacing reflect a resurgence in buying pressure. Hence, the technical indicators reflect a growth in underlying bullishness, which supports the bullish reversal hypothesis of price action analysis. In a nutshell, the AVAX technical analysis displays the possibility of a bullish reversal challenging the resistance trendline. Upcoming Trend Suppose the buying pressure grows over the day to sabotage the bearish influence in the daily candle; we will have a bullish week ahead for AVAX. The bullish reversal can drive the market value higher by 15% higher to surpass the $20 mark. Resistance Levels: $20 and $21.5 Support Levels: $15 and $12

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