AVAX Price Downfall Hits Brakes With Buyers Making A Comeback!

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With Bitcoin taking a recoil action to come closer to the $40K mark following the fall earlier this week, the altcoins bounce back. With Avalanche’s price under a pullback phase, the buyers are preparing a bullish break to reignite the uptrend. Hence, with this sudden turning tide in the market sentiments, the AVAX price is ready to shoot up to $40. 

As the price action teases a conclusion to the pullbac phase, the breakout anticipations are on the rise. Further, our bullish AVAX price prediction support the long-term bull run prospective in Avalanche.

Source – Tradingview

With the bearish price action over the past few weeks forming a falling wedge pattern, the AVAX price is now ready for a blazing comeback in 2024. As th buyers prepare a strong fort at $28, Avalanche is ready for a turnaround-driven breakout run. 

Further, with the confluence of multiple support levels like the 50% Fibonacci level and the $30 psychological mark, the bulls are gaining speed. Such elements of driving strong optimism fuel the breakout anticipations in Avalanche HODLers. 

Currently, the AVAX price trades at $30.5 and shows a minor intraday pullback as buyers aim to challenge the overhead resistance trendline. Under such conditions, cautious sideline traders can find the waiting game as a positive move before finding any breakout signals. 

Technical indicators: 

RSI: The daily RSI line moves onto a sideways track as it finds itself too close to the oversold boundary line. With the sellers losing ground, the RSI line may soon cross above the halfway line. 

Will AVAX Price Cross $50?

As Avalanche is one of the top-performing coins in the recent market bounce back, the altcoin shows a high probability of sustaining the bull run. This increases the breakout possibility of the falling wedge pattern and may lead to a quick rise in AVAX price. 

Therefore, in case the market recovery continues, the AVAX price can reach the $50 mark with the pattern breakout. However, if the prices drop below $28, the Avalanche market price could retest the $24 breakout.