- AVAX saw its price action bouncing off the $10.68 multi-month low. That triggered an 11.97% surge this week before the alt dipped to trade near $11.79.
- Upside moves beyond $12.18 can see AVAX bulls initiating a recovery.
- Bearish dominance might drag Avalanche below $11.13, canceling the highlighted bullish narrative.
Avalanche price couldn’t print notable changes over the past two days. Nonetheless, the alternative token performed beyond expectations during Friday’s session. Analysts expected some moves from AVAX after the updates of Grayscale discarding assets from Digital Large Cap. Nonetheless, Avalanche only lost 3% before embarking on its normal action.
AVAX Price Sustains Itself
Though the mentioned development, Avalanche’s price could not paint green, with the token trading at $11.82. Nevertheless, the alternative coin recorded consecutive green candlesticks early this week as AVAX gained 12% on its charts.
If AVAX sustains this momentum, prices will breach the $11.90 closest resistance before targeting the $12.18 mark. Reclaiming this level as its support barrier will enable the token to kick-start revival, pushing Avalanche beyond $12.59.
Such developments are possible, considering the prevailing Parabolic SAR (Stop and Reserve) indicator. Though the indicator’s presence beyond the candle indicates possible declines, the proximity of the candlestick and the indicators demonstrates an upcoming uptrend.
Nonetheless, intensified bearish waves would welcome declines toward the nearest foothold of $11.40. A move below this area would trigger declines toward the crucial support barrier at $11.13. A 24Hr candle close under this mark would cancel the festive tale.
That would drag the alternative coin toward the $10.68 low. Therefore, market players looking to join after the nearly 12% surge should consider the discussed levels to avoid losses from the cryptocurrency’s volatility.
Avalanche fans should also watch the broad cryptocurrency market cues to determine profitable opportunities. Bears confirm their resilience as they cement Bitcoin beyond the $17K mark. However, BTC recorded increments over the past day, increasing by 0.76% to hover at $16,942.
Continuing the current broad-based upside might support AVAX to avoid forecasted declines. However, bulls are yet to erase all bearish tendencies. Time will confirm the upcoming Avalanche’s actions.