Key Insights:
- AVAX testing support zone near FVG, with a potential bounce to $13.18.
- The ascending triangle pattern signals possible breakout above $12.55 for further gains.
- Watch for volume trends to confirm potential short-term price reversal for AVAX.
The price of AVAX is currently testing a support level near its Fair Value Gap (FVG) and may be positioned for a short-term bounce. Traders are watching closely for a potential price rise. As of press time, $AVAX is trading at approximately $12.43, reflecting a slight decline of 0.23% in the last 24 hours.
Short-Term Support Zone and Potential Bounce
Avalanche price has been showing signs of support near the FVG, which is a region where the price could reverse its recent downtrend. According to Chill Trader, a bounce from this support zone could lead the price back towards $13.18. AVAX price on support FVG might get filled, with a possibility of a short-term bounce near the support level.
AVAX Potential Bounce | Source: XAs the market tests the support area, traders are watching for signs of a potential reversal. A successful bounce could help the price gain momentum, pushing towards the $13.18 mark. However, this will depend on how the market reacts in the coming days.
AVAX Forms Ascending Triangle on 4-Hour Chart
Meanwhile, AVAX’s recent price action on the 4-hour chart shows the formation of an ascending triangle. This pattern is seen as a bullish continuation signal. The price has been making higher lows and is approaching a flat resistance zone around $12.45–$12.55.
Based on Alpha Crypto Signal, “The price is compressing under resistance, and the trendline indicates consistent dip-buying.”
AVAX Ascending Triangle | Source: XThis suggests that AVAX could break higher if the resistance is overcome. A confirmed breakout above $12.55 would likely lead to a move toward $12.90–$13.30. If momentum continues and volume supports the move, the price could rise further.
Market Conditions and Risk Considerations
However, as AVAX approaches its support zone, market conditions remain a key factor for price movement. Despite the current bullish structure, any failure to break above resistance could lead to a downside move.
Traders are advised to keep an eye on volume trends and price behavior around the $12.45–$12.55 resistance zone. As long as AVAX holds the ascending trendline, the bullish setup remains intact. Therefore, staying updated on the price action is essential for anyone holding or considering entering a position in AVAX.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/avax/avax-price-nears-support-fvg-bounce-to-13-18/
