Key takeaways
- AVAX is trading above $17 per coin after hitting the $15.90 mark on Sunday.
- Despite its recovery, AVAX could retest the $15 low before surging higher.
AVAX surges 2% as broader market recovers
The cryptocurrency market is having a positive start to the week following a bearish weekend. Bitcoin, ETH, AVAX, and other major cryptocurrencies have bounced back from yesterday’s lows and could rally higher soon.
AVAX, the native coin of the Avalanche blockchain, has added 2.5% to its value over the last 24 hours, making it one of the top performers among the top 20 cryptocurrencies by market cap.
At press time, the price of Avalanche stands at $17.11 and could rally towards $20 soon. However, the market could retest the $15 low as the bearish trend is still in play. Its performance could depend on the broader crypto market and the ongoing crisis between Israel and Iran.
AVAX could test $15 before rallying higher
The AVAX/USDT 4-hour chart shows that the pair is still bearish despite the recent recovery. The pair could test the $15 low soon before rallying higher.
The relative strength index (RSI) of 45 shows that the bears remain in control, but the pair could be heading into neutral territory. The MACD is also within the negative region thanks to the bearish sentiment.
If the bullish trend continues, AVAX could target the 4-hour internal liquidity level at $17.58 in the coming hours. An extended bullish run would enable AVAX to hit the $20 mark for the first time since June 16th.
However, the technical indicators remain bearish, suggesting that AVAX could still dip lower. AVAX could test the support level at $14.61 soon if the bearish momentum on the higher timeframe holds. Failure to defend the support level at $14.61 could see AVAX hit the $12 mark for the first time since November 2023.
