Bullish Bounceback From $16 in AVAX Price Eyes $20 Break!

The post Bullish Bounceback From $16 in AVAX Price Eyes $20 Break! appeared first on Coinpedia Fintech News

Following a bullish reversal from the $8.6 mark, the AVAX price has remained a top performer in the blue-chip altcoins for the past few weeks. With a remarkable performance in the late Uptober season, the bull run approaches the $20 mark. 

With a 100% growth in the last 16 days, the AVAX price prediction denotes a positive high-demand phase in the coming months. 

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Following the double bottom reversal on October 19th, the AVAX price trend continues a linear growth phase to surpass multiple roadblocks. Overcoming the crucial 50D and 200D EMA, the uptrend reverts the trend polarity of the EMAs. 

With a bullish turnaround influencing the golden crossover in the crucial EMAs, the chance of a prolonged uptrend increases. Further, the crossover event will boost the general market sentiments around the altcoin. 

With a triple white soldier pattern, the AVAX price rose by 46% to $19.79 between November 10th and 12th. Followed by a quick correction to retest the $16 break, the buyers regained control with a 5.79% jump. Sustaining the momentum, the Avalanche price skyrockets with an intraday growth of 5.40% and currently trades at $17.97.

Therefore, the increasing trend momentum and the overall market recovery increase the chances of a bull run in the Avalanche market price. 

Technical indicators: 

RSI: The daily RSI line continues to sustain the bullish overbought territory despite a short pullback to the 70% boundary line. 

Will AVAX Price Rise To $20?

With the overall market taking a bullish stand as the Bitcoin Spot ETF wildfire fuels the uptrend in the altcoins, the AVAX price eyes to cross the $20 mark. Further, the price action analysis projects a high likelihood of a bull run above $20 to reach the $25 mark.

On the flip side, a reversal before the $20 mark can drop the prices back to $16.