AVAX Coin Price Reversal Sparks Buying Interest

The Avalanche (AVAX) coin price exhibited a reversal, reversing the downtrend from the $8 demand zone, indicating an accumulation of buyers over the previous trading sessions.

Moreover, the price action suggests that fresh reversal indicators foster increased purchasing interest. Furthermore, the structure of the chart highlights the trendline breakout.

AVAex is gathering momentum and maintaining a bullish outlook. However, the AVAX coin price is near the primary hurdle of $11, close to the 100-day exponential moving average (EMA), which must be surpassed for the buying momentum to continue. If bulls escape the zone, it will extend the reversal to $14 in the forthcoming sessions.

Following the collapse of the ascending triangle pattern, the Avalanche (AVAX) coin price continued to drag gains in a bearish market. In addition, the chart favors bears and does not favor a recovery.

However, due to short covering, AVAX gained new purchasing momentum and crashed the $10 cluster, trapping the short positions. In addition, the AVAX price found support at the 38.2% Fib zone and reversed direction.

At press time, the AVAX coin price was trading at $10.20 with an intraday gain of 4.79 percent, indicating yesterday’s purchasing momentum. In addition, trading volume increased by 5.89% to $221.31 million, and AVAX/BTC was trading at 0.000368 BTC.

However, AVAX has a market valuation of $3.62 billion. Furthermore, analysts have maintained a neutral rating and imply a reversal based on the technical setup for the upcoming sessions.

On the daily charts, the price of AVAX is above the 50-day EMA and indicates a reversal from the $8.00 demand zone. In addition, price action suggests that short positions were ensnared.

The short covering signifies the bulls’ return. To extend the buying momentum, bulls must surpass the 100-day and 200-day exponential moving averages.

In addition, bulls defended the lower territory against a continuation of the downtrend and attempted a reversal.

The RSI curve was in the overbought region and displayed a bullish divergence, indicating that purchasers have maintained their strength and are gaining momentum.

The MACD indicator exhibits a bullish crossover and green histogram bars, indicating a favorable outlook for the upcoming trading sessions.