Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Avalanche [AVAX] retraced by 31.9% between 18 April and 28 May after the price was rejected close to the $21.92 resistance level. However, over the past five days, AVAX found support at the $14 level. This provided the base for its bullish rally in early March.

A continuation of this rebound for AVAX could be dependent on Bitcoin [BTC] sustaining its current rally toward $30k.

Bulls look to push on after defending the $14 support level

On the 12-hour chart, the Relative Strength Index (RSI) climbed strongly out of the oversold zone and stood at the neutral 50 mark, as of press time. This signaled the selling pressure on AVAX could be waning.

Similarly, the Moving Average Convergence Divergence (MACD) posted a bullish crossover with the MACD line (blue) moving above the signal line (red). This hinted that bulls were slowly gaining the upper hand in the market.

The signals from on-chart indicators along with the defense of the $14 support level could spur bulls to reach the $16.36 resistance level. This rally could be accelerated with Bitcoin advancing toward $30k.

On the contrary, bears could maintain the overall bearish trend with a retest of the $14 support level. A breach below the support could lead the price toward $13.04 or $12.19.

Read Avalanche [AVAX] Price Prediction 2023-24

Open Interest recorded a moderate uptick

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Author: Suzuki Shillsalot

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