The Avalanche (AVAX) price has been moving upward since bouncing at the support line of a bullish pattern on Dec. 30. A breakout from it is the most likely forecast.
The AVAX price has decreased since reaching a high of $30.89 on Aug. 8, 2021. The downward movement led to a minimum price of $10.54 on Dec. 30. AVAX has been moving upward since.
During the decrease, AVAX fell below the horizontal support area of $15.20. Previously, the area had provided support twice (green icons) before turning to resistance on Nov. 10.
Despite the downward movement, technical indicators provide bullish signs that bode well for the future price. The daily RSI has generated bullish divergence for nearly two months (green line).
Moreover, RSI just broke out from a descending resistance line and has nearly moved above 50. These are considered signs of bullish trends and support an upward movement toward $15.20.
Nevertheless, the Avalanche price…
