The market continues to rise consistently, and the cryptocurrency industry has now experienced 5 out of 7 green days, which shows that there is a strong possibility of a bullish end to the month. In addition, AVAX price is performing well among altcoins, and the coin has been one of the top gainers for three consecutive days.
AVAX price has been trading in an expanding channel for more than two weeks, indicating the presence of a bullish trend in the market. AVAX token has been trading in a comprehensive range for a short period of time. The price recently experienced a golden crossover, after which the token has gained tremendous bullish momentum.
Moreover, this caused the Avalanche price to break through multiple resistance levels and the ceiling at $10.99. AVAX coin traded close to the resistance level and attempted to break above this level but failed and the price experienced a decline, indicating a high probability of a trend reversal soon.
The RSI average has been trading above the midpoint for a long time and has failed on several attempts to break below it. Moreover, the coin recently broke out of the overbought range, suggesting that a drop may soon occur.
Will AVAX recover its value?
If the bulls can retain the momentum and push the price above $11.50, the price will continue to gain bullish momentum and continue to rise in the coming period. Moreover, if the price holds at this level, then Avalanche will be ready to test the overhead resistance of $12.00.
On the other hand, if the bears regain strength and manage to sustain the price below $10.99, the price will start trading with a bearish influence resulting in a further price plunge in the coming days. If the market fails to regain momentum, the price will continue to decline and test its lower support at $10.48 soon.
Moreover, if the trend reverses, the price is bound to fall and test the $9.96 support level in the future.