- AVAX experienced an initial 10% surge in October before facing a trend reversal.
- Bulls are attempting a breakout; key resistance is set at $9.60 and $9.96.
- RSI indicates weak market power, but momentum could shift soon.
In the constantly fluctuating world of cryptocurrencies, the AVAX coin has caught the attention of many. Starting October robustly, AVAX boasted a 10% rise, only to face a sudden reversal.
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Following this momentum shift, the Avalanche coin found itself negating its initial gains and further declining by 4.89%. However, as the market navigates through the bearish undertones, there’s a glimmer of hope for AVAX.
Currently, it hovers tantalizingly close to its resistance trendline. With the bulls fighting for dominance, a potential breakout could herald significant price actions. While the RSI has shown weakened market power for the past week, a bullish swing is very much in the cards. If the bulls successfully penetrate the descending channel, reaching the resistance of $9.80 seems likely.
And with sustained momentum, $9.96 isn’t far off. Conversely, continued bear dominance could plummet prices below the $9.10 support, possibly testing the critical $8.70 mark. The coming days are pivotal for AVAX.
With the crypto industry’s dynamic nature, a rebound for the Avalanche coin isn’t just a possibility; it’s on the horizon. The crypto world watches with bated breath as AVAX holds great promise for the future.
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