$AVAX
🚨 AVAX Price Analysis: Potential Bounce Lacks Conviction 🚨
Meanwhile, the AVAX/USD daily chart presents a different outlook. According to the chart below, AVAX traded in a descending triangle earlier.
But today, bulls have pushed it above the falling trendline, with the altcoin aiming to hit higher highs. In addition, the Relative Strength Index (RSI) has crossed above the neutral line, indicating bullish momentum.
However, the Elder Force Index (EFI), used to measure the buying and selling pressure level, remains flat. This EFI position indicates that the AVAX price might not get the desired push to reach .
If this trend continues, the altcoin’s value might continue consolidating between $16 and $21.
However, if selling pressure increases, AVAX’s price could decline to $14.56. In a highly bullish market condition, the market value could surge toward $30.46 at the 0.382 Fibonacci level.
