Can AVAX Break $15 Resistance and Trigger a Trend Reversal?
- AVAX nears critical resistance at $15, signaling potential trend shift.
- Trading volume is down 17.61% as AVAX drops 6.61% in 24 hours.
- RSI at 41.64 and MACD divergence suggest possible bullish momentum.
Avalanche (AVAX) is nearing a crucial resistance zone at $15. This level could indicate a major turning point for the cryptocurrency. Recent price movements suggest a possible trend shift. Traders are closely watching whether AVAX can break through this resistance and trigger a broader reversal. After months of correction, the recovery structure indicates the potential for a trend change.
As of press time, AVAX is trading at $13.80, which represents a 6.61% drop over the last 24 hours. The trading volume is also down by 17.61% and currently stands at $422.96 million. The AVAX price has reduced by 9.34% over the last week. Even after the decrease, there are indications of recovery. The market players are focusing on whether this upward trend will continue and drive the price higher.
Source: CoinMarketCap
AVAX Could Trigger Bullish Run if $15 Resistance Breaks
Crypto analyst Jonathan Carter highlighted that AVAX is probing the upper limit of its downward channel on the 12-hour chart. This represents a significant milestone for the cryptocurrency. Any breakout of this resistance would be a trigger to a bullish run. If confirmed, the analysts have set price targets of $15, $18, $21, $24, $28, and even $35.
Source: X
Despite this short-term momentum, AVAX remains in an extended downward trend. Whether this bouncing is a short-term effect or a more lasting reversal of the trend will also depend on how the market responds to the important resistance levels. The critical resistance level is the one of $15. In case AVAX fails to break this mark, the negative trend might continue.
Also Read: Avalanche Price Analysis: AVAX Weakens Toward $9 as Bearish Momentum Intensifies
RSI Signals Neutral, MACD Divergence Hints at Bullish Momentum
The Relative Strength Index (RSI) stands at 41.64, which reflects a neutral situation. There are no obvious signs of overbought or oversold levels. Meanwhile, the Moving Average Convergence Divergence (MACD) indicates a positive divergence.
The MACD line stands at 0.23, and the signal line is at -0.83. This divergence implies that there may be a move toward bullish momentum as long as price action continues to pick up.
Source: TradingView
Trading Volume and Open Interest Decline
CoinGlass data shows that the trading volume decreased by 5.09% and has reached $888.25 million. Open Interest is also down by 8.70% and stands at $535.80 million. The token OI-Weighted Funding Rate is at -0.0054%, showing a bearish trend.
Source: CoinGlass
The resistance of AVAX at $15 will be decisive in deciding whether the price will increase or fall. The cryptocurrency is nearing crucial levels as traders are waiting to confirm a reversal in the trend. The following days will be decisive in the future of cryptocurrency.
Also Read: XRP Fear Zone Signals Potential Rally with Target at $2.65
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