Avalanche price analysis: AVAX prices surge by 12.98 percent, bullish run incoming?

Avalanche price analysis indicates the current market is seen to be in a bullish run. Avalanche (AVAX) prices have surged by 12.98 percent in the last 24 hours, and the market looks to be in a bullish run.

Timeline of Avalanche

Avalanche(AVAX) price has steadily fallen, responding to a falling parallel channel pattern. The downward spiral dumped the altcoin to a $14 low, offering enough demand pressure for another bullish cycle within the pattern.

MKR was up by nearly 20% to start the week, as prices continued to move away from recent lows. AVAX was also in the green, as it climbed by over 10% on Monday, after hitting a ten-month low during the weekend. Maker (MKR) MKR was a notable mover to start the week, as prices climbed

Avalanche price analysis indicates Avalanche's native token, AVAX, has been on a tear in recent weeks, as the price of the token surged by over 4 percent in the past 24 hours. The rally comes as Bitcoin and Ethereum prices have both seen a slight pullback from their all-time highs.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. “Even after your favorite coin drops 90%, there is nothing that stops it from falling by yet another 90%”- anonymous crypto analyst on Twitter.

Avalanche price analysis suggests a downwards movement to $15.00 The closest support level lies at $15.50 AVAX faces resistance at the $16.30 mark. The Avalanche price analysis shows that AVAX was set up a foothold above the $17.00 mark, and the price has fallen below the $16.00 mark.

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Avalanche price analysis is currently in a bearish trend as the AVAX/USD pair has depreciated to the $16.00 mark. The market had attempted to rally yesterday but was unable to sustain the bullish momentum and pulled back below the $16.75 resistance level.

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Ethereum competitor Avalanche said on Friday that it has little exposure to beleaguered hedge fund Three Arrows Capital, as the latter faces a potential insolvency.  The blockchain said in a tweet that Three Arrows never had any control over Avalanche's treasury funds.

Ever since its ATH in November, Avalanche (AVAX) sellers have been on the front foot by keeping the buying rallies under their check. The liquidations from the recent symmetrical triangle pulled the alt below its seven-month trendline resistance (previous support).