The post AVAX Price Analysis: High Anticipations For Avalanche Hints Channel Breakout appeared first on Coinpedia Fintech News
Due to excessive selling above the $15 mark, the AVAX coin prices quickly falls by 8.27% fall on 14th July. The ongoing bearish trend maintains a falling channel in the 4-hour chart, accounting for a 15% drop.
Currently trading at $13.18 with a 24-hour growth of 0.76%, Avalanche prices struggle to find bullish momentum. With the markets under the FED raising the rates again, and whales sending 43.31K BTC to exchanges.
Lunarcrush
The average Social dominance of the Avalanche falls to 0.5412%, a drastic 42.32% fall. However, the total social engagement has increased to 61.71 million, a growth of 99.48%.
Moreover, looking at the previous behavior of the average social dominance, we can expect another spike shortly to push AVAX price recovery.
Source – TradingView
As per the Fibonacci retracement, the AVAX coin price reverts from the 38.20% Fibonacci level at $12.87. The ongoing recovery may soon reach the overhead resistance trend line, Avalanche prices are up by 2.87%.
In addition, the recent bullish recovery starts from a solid support trendline, improving the prolonged uptrend chances and a bullish breakout. The bullish breakout rally can challenge the 61.8% Fibonacci level at $13.91.
Slow but steady growth in the RSI line also predicts a potential uptrend.
On the flip side, however, if the buyers fail to absorb the selling pressure at the resistance trendline another bear cycle within the channel is imminent. Traders can expect the fall to re-challenge the 38.2% Fibonacci level.
In case of an excessive selling scenario, the break out of the breakdown of the support level of $12.87 can lead to an extended 5% fall to the $12.23 level.
