The 4-hour chart of AVAX suggests that a short pump is likely to occur soon

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  • The Avalanche (AVAX) price increased by 5.58 percent in the previous 24 hours.
  • An ascending triangle has formed on the 4-hour chart of AVAX/USDT.
  • The cost could increase to $34 or decrease to $30.

According to CoinMarketCap, Avalanche (AVAX) gained 5.58 percent in the last 24 hours, bringing its price to $31.11. However, the price of AVAX is still down for the last seven days, having declined 9.51 percent in that time.

AVAX is currently trading near its 24-hour high of $32.38, with a low of $29.16. At the time of writing, it was up 2.49 percent against Bitcoin (BTC) and 2.30 percent against Ethereum (ETH). AVAX is now valued at around 0.001038 BTC and 0.01543 ETH.

AVAX gets ready to break past $31.70 (Source: TradingView)
AVAX gets ready to break past $31.70 (Source: TradingView)

AVAX’s market size is presently over $8.5 billion, ranking 12th on CoinMarketCap’s top cryptocurrency projects by market cap. Additionally, AVAX’s daily trading volume has increased by 67 percent in the last 24 hours. This brings the overall trade volume for the day to almost $725,000.

As an ascending triangle chart pattern forms on the 4-hour chart for AVAX/USDT, AVAX may attempt a bullish move in the following 4-16 hours.

The RSI is positioned above the RSI SMA line, and the RSI’s upward slope is further technical indications that suggest a little positive advance for AVAX. Furthermore, the 8 EMA has surpassed the 20 EMA.

The price of AVAX must rise above the nearest resistance level of $31.70 to confirm the trend. If it breaks through this level, the price of AVAX could jump to $34.00. On the other hand, if the price of AVAX falls below the 8 EMA, the price could drop to around $30.00.

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