<strong><em>AVAX price action shows a double bottom pattern preparing a bullish launchpad to break above the $28 neckline and reach the overhead resistance at $36.</em></strong>

Key technical points:
<ul>
 	<li>The AVAX market value increased by 9.64% today at press time.</li>
 	<li>The price action shows a high likelihood of the $28 breakout.</li>
 	<li>The 24-hour trading volume of Avalanche is $637 Million, indicating a hike of 50%.</li>
</ul>
<h2><strong>Past Performance of AVAX</strong></h2>
After the rejection at the psychological mark of $100, <a href="https://www.cryptoknowmics.com/news/best-avax-wallets-in-2022/">AVAX</a> sellers led to the $50 support zone breakout, resulting in a drop to $22 under the influence of a resistance trendline. The trendline kept the correction phase in motion until the buyers overtook the trend control with a double bottom reversal at $22, resulting in the resistance trendline breakout.

<img src="https://s3.tradingview.com/snapshots/p/pOjdCqXa.png" alt="TradingView Chart" />

<strong>Source-</strong> <a href="https://www.tradingview.com/x/pOjdCqXa/" target="_blank" rel="noopener">Tradingview</a>
<h2>AVAX Technical Analysis</h2>
AVAX prices show a bullish engulfing candlestick struggling to close above the neckline of the double bottom pattern at $28. This is why traders might want to wait for a price action confirmation to avoid getting trapped. The DMI indicator suggests the possibility of a trend reversal crossover within these DI lines since the bearish spread shrinks, with the falling ADX showing a weakening of the bearish momentum.

The MACD and signal lines continue moving higher as they approach the zero line after the recent bullish crossover. The rising confidence in the bullish histograms indicates renewed energy in the underlying sentiments. Furthermore, the RSI indicator shows an upward trend crossing above the 14-day SMA line (yellow) to approach the halfway line. In other words, the indicators display an increase in AVAX buying pressure, which could fuel the upward trend.
<h2>Upcoming Trend</h2>
If the buying spree continues, the uptrend will fix AVAX prices above the $28 mark, and then the uptrend will reach the overhead resistance at $36.

<strong>Resistance Levels:</strong> $28 and $36

<strong>Support Levels:</strong> $22 and $20

AVAX Technical Analysis: Double Bottom Reversal Plans 30% Jump

AVAX technical analysis shows a double bottom pattern preparing a bullish launchpad to break above the $28 neckline and reach $36.

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

AVAX Technical Analysis: Double Bottom Reversal Plans 30% Jump

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