Amid the new year recovery in the crypto market, the Avalanche coin price rebounded from the $10.5 mark and showed steady growth over the last nine days. This V-shaped recovery registered nearly 20% growth and pushed the coin to its current price of $12.7. However, this altcoin is currently hitting the resistance trendline of a long-coming wedge pattern, which could regulate the near future price
Key points:
Today’s speech from Federal Reserve Chair Jerome Powell could trigger temporary volatility in crypto
The Avalanche coin needs a bullish breakout from the wedge pattern to begin a sustained price recovery.
The intraday trading volume in Avalanche coin is $328.6 Million, indicating a 62% loss.
Source- Tradingview
In response to descending wedge pattern, the Avalanche coin price has been steadily falling over the past six months. During the pattern formation, the coin price continues to resonate between two converging trendlines until its breach from the overhead one.
In theory, t
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