The altcoins are shaking off the bad vibes after taking a hit due to Binance pleading guilty against the recent criminal charges. Quickly regaining the lost momentum, the AVAX price trend resurfaces above the lost level of $20 with a strong bullish candle.
Following the golden crossover and the sustenance above $20, the AVAX price prediction teases a strong uptrend for the rest of 2023.
Source – Tradingview
Losing 17.5% of its market cap, Avalanche lost its market demand from $22.85 to $19 in just 48 hours, a correction of 16.79. Moreover, the spike in trading volume did support the quick pullback.
However, following the bearish Marubozu candle testing $19, the buyers overturn the trend as the market shakes off the bad news of Binance. Returning back to a strong uptrend, the buyers reclaim $20 with an overnight jump of 9.32%.
Currently, the AVAX price trades at $20.96 with an intraday growth of 0.50% and finds the crowd support evident through trading volume. However, the possibility of a downtrend sustains in case of any other setback for the biggest crypto exchange.
Further, there is increased volatility in the market that makes certain investors doubt the recovery phase.
Technical indicators:
RSI: The daily RSI line bounces back to the overbought boundary but maintains a bearish divergence. Therefore, the price may lead to a short consolidation phase before any major upside move.
Will AVAX Price Sustain Above $20 This Time?
The slow but steady improvement in the market sentiments over the past 24 hours results in a bullish comeback for altcoins. The AVAX price trend hops on the bullish train and reclaims $20 but struggles to lead the uptrend beyond $21.15. Nevertheless, a bullish break can pump the market value back to $25.
In case of a new supply wave, another break under $20 can plunge the Avalanche market value to $18.
