Key takeaways
- AVAX is buying and selling above $17 per coin after hitting the $15.90 mark on Sunday.
- Despite its recovery, AVAX could retest the $15 low before surging greater.
AVAX surges 2% as broader market recovers
The cryptocurrency market is having a constructive begin to the week following a bearish weekend. Bitcoin, ETH, AVAX, and different main cryptocurrencies have bounced again from yesterday’s lows and could rally greater quickly.
AVAX, the native coin of the Avalanche blockchain, has added 2.5% to its worth over the past 24 hours, making it one of many high performers among the many high 20 cryptocurrencies by market cap.
At press time, the value of Avalanche stands at $17.11 and could rally in direction of $20 quickly. However, the market could retest the $15 low because the bearish development continues to be in play. Its efficiency could rely upon the broader crypto market and the continued disaster between Israel and Iran.
AVAX could take a look at $15 before rallying greater
The AVAX/USDT 4-hour chart reveals that the pair continues to be bearish regardless of the current recovery. The pair could take a look at the $15 low quickly before rallying greater.
The relative power index (RSI) of 45 reveals that the bears stay in management, however the pair could be heading into impartial territory. The MACD can also be inside the detrimental area due to the bearish sentiment.
If the bullish development continues, AVAX could goal the 4-hour inner liquidity degree at $17.58 within the coming hours. An prolonged bullish run would allow AVAX to hit the $20 mark for the primary time since June sixteenth.
However, the technical indicators stay bearish, suggesting that AVAX could nonetheless dip decrease. AVAX could take a look at the help degree at $14.61 quickly if the bearish momentum on the upper timeframe holds. Failure to defend the help degree at $14.61 could see AVAX hit the $12 mark for the primary time since November 2023.
