AVAX Technical Analysis: Wedge Pattern Recharges The Bullish Hope

AVAX price action shows a bullish wedge pattern forming in the 4-hour chart, increasing the chances of an uptrend continuation. Key technical points: AVAX prices struggle to surpass $36. The increasing bullish influence forms a rising wedge pattern. The 24-hour trading volume of Avalanche is $840 Million, indicating a hike of 15%. Past Performance of AVAX As mentioned in our previous article, AVAX prices dip below the psychological support threshold of $50 following an unsuccessful attempt by bulls to break the $67 mark. After breaking under the psychological mark the reversal rally finds support level of $20, which results in a smaller price rejection that pushes the upwards to $25. The decline is 60% in one week, but the long-tail patterns at $25 were a good starting point for the bullish reversal that tests the $36 level. Source-Tradingview AVAX Technical Analysis The increase in the underlying bullishness helps the AVAX prices form higher lows and generate a rising wedge pattern. However, the formidable sellers controlling the $36 level knockdown bullish breakout attempts. The Bollinger bands converge in the 4-hour technical chart representing a consolidation in a shorter time frame. However, the bullish pattern increases the breakout chances of the upper band which will unleash the trapped momentum on the upside. The solid uptrend in RSI values starts from the oversold territory and trends higher above the halfway line, w...