The Avalanche (AVAX) price has decreased since a confluence of short-term resistances rejected it on February 15.

Despite the rejection, AVAX regained its footing yesterday and is attempting to reclaim the closest support. Will it be successful?

AVAX Begins Recovery

The daily time frame chart shows that AVAX has fallen under a descending resistance trend line since December 24, 2023. The decrease led to a low of $27.26 on January 23, 2024.

AVAX has increased since, validating the 0.5 Fib retracement support level (green icon) and breaking out from the descending resistance trend line. The upward movement culminated with a high of $43.62 on February 15 before the AVAX price decreased slightly.

Despite the decrease, the Relative Strength Index (RSI) is still bullish. Traders utilize the RSI as a momentum indicator to

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Author: Valdrin Tahiri

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