AVAX price action shows a bullish wedge pattern forming in the 4-hour chart, increasing the chances of an uptrend continuation. 

Key technical points:
<ul>
 	<li style="font-weight: 400">AVAX prices struggle to surpass $36.</li>
 	<li style="font-weight: 400">The increasing bullish influence forms a rising wedge pattern.</li>
 	<li style="font-weight: 400">The 24-hour trading volume of Avalanche is $840 Million, indicating a hike of 15%. </li>
</ul>
<h2>Past Performance of AVAX</h2>
As mentioned in our <a href="https://www.cryptoknowmics.com/news/avax-technical-analysis-buyers-trapped-within-reversal-at-67">previous article</a>, AVAX prices dip below the psychological support threshold of $50 following an unsuccessful attempt by bulls to break the $67 mark. After breaking under the psychological mark the reversal rally finds support level of $20, which results in a smaller price rejection that pushes the upwards to $25. The decline is 60% in one week, but the long-tail patterns at $25 were a good starting point for the bullish reversal that tests the $36 level.

<img src="https://s3.tradingview.com/snapshots/w/WDLXYhBT.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/WDLXYhBT/">Tradingview</a>
<h2>AVAX Technical Analysis </h2>
The increase in the underlying bullishness helps the AVAX prices form higher lows and generate a rising wedge pattern. However, the formidable sellers controlling the $36 level knockdown bullish breakout attempts.

The Bollinger bands converge in the 4-hour technical chart representing a consolidation in a shorter time frame. However, the bullish pattern increases the breakout chances of the upper band which will unleash the trapped momentum on the upside. 

The solid uptrend in RSI values starts from the oversold territory and trends higher above the halfway line, with the 14-days average line providing support. Moreover, the RSI reflects a bullish divergence in the last two peaks at $36, increasing the breakout probability. 

The MACD indicator projects a bullish resurgence as the fast and slow lines avoid a bearish crossover and restart the approach to the zero line. This increases the chances of a bullish breakout as the recharged bullish histograms reflect an increase in buying pressure.

In short, the AVAX technical analysis depicts a high possibility of a $36 breakout.
<h2>Upcoming Trend</h2>
Presuming the buying pressure grows later in the day, we can see the AVAX market value surpassing the $36 mark. This will start a breakout rally which may find the next bearish opposition at $50, considering it surpasses $40. However, a bearish breakdown rally can retest $20 after breaching $27.

Support Levels: $27 and $20

Resistance Levels: $36 and $50

AVAX Technical Analysis: Wedge Pattern Recharges The Bullish Hope 

AVAX price action shows a bullish wedge pattern forming in the 4-hour chart, increasing the chances of an uptrend continuation. 

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: Wedge Pattern Recharges The Bullish Hope

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