Avalanche's recovery is facing another roadblock after clearing the $12 obstacle. Here's what bulls need to know.
. Nevertheless, the upswing offered altcoins, AVAX included, a new breath of life to reverse recent losses.Despite smashing the $12 roadblock, AVAX isn’t entirely out of the woods yet. The RSI , which tracks buying vs selling pressure, has been below the 50-mark since April. It indicates selling pressure prevailed in the same period.
Similarly, the OBV dipped but recovered at the time of writing – Demand for AVAX improved. With the RSI edging closer to the 50-mark, bulls could encounter resistance. Aside from indicators, the price action must clear another trendline resistance, near $13.0, to move higher. So, a price rejection at $13.0 could see AVAX inflict a pullback to $12.03 or $11.2. An extreme correction could ease at the $10 psychological level.
Conversely, further bullish intent could be confirmed if AVAX crosses $13 and the trendline resistance . In such a scenario, the $13.88 resistance will be the immediate target for bulls before attempting to retest $15.According to Coinalyze’s 1-hour chart, AVAX recorded a surge in CVD from 20 June. This happened after a recent steady drop in the indicator in the past few days, denoting buying volumes and sentiment improved on 20 June after BTC’s upswing.
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