On February 23, the Avalanche (AVAX) bulls attempted to shine as they started buying AVAX on a large scale. Their attempt was to push AVAX over the moving averages and attempt to push it across the $100 mark.
However, the bears are ready to counter-attack the attempt made by the bulls with a strong selling force. This trend is even visible in the performance graph for AVAX, which shows a candlestick pattern supporting a long wick.
For now, the pattern suggests that it would be an extremely difficult task for the bulls to be able to push AVAX over the $100 mark. They may need to increase their buying power on higher levels to achieve the particular goal.
The pattern also shows that the bears are always ready to initiate high selling activity if AVAX moves closer to hitting the $100 mark. On February 23, the bulls made the same attempt and they were met with strong force by the bears, pushing AVAX lower.
On a particular day, the bears increased their selling power and brought AVAX close to hitting the $64 per AVAX mark. At this point, the bulls came into action and they applied their buying force to push AVAX higher. Their attempt ensured that the price of AVAX may not fall below the $64 mark that easily.
The bulls fought off the bears at $64, by increasing their buying power during the dips. This sent a strong message across to the bears, who would need to apply more pressure from their end to pull AVAX to a lower figure.
Although the bulls did prove their potential to the bears, the stats for AVAX hint toward a bearish trend. This is because the RSI is currently traveling below the midpoint. However, the RSI is not traveling deeper within the negative territory. Instead, it is close to the midpoint, suggesting that the bears have a slight advantage over the bulls.
Even the moving averages are moving in the downward direction, which means that the bears may eventually push deeper AVAX deeper. The first attempt that the bears make would be to push AVAX down to $64, and their next attempt would be $51.
On the other hand, if the bulls are showing more action, they may be able to push the RSI and the moving averages in the upward direction. This would help the bulls attempt higher values as they keep pushing ahead and keep defeating the bears.
If the bulls manage to change the direction of the RSI and the moving averages, then the price of AVAX may continue growing higher. In this particular case, the bulls will manage to push the price of AVAX up to $114 per AVAX.