Avalanche (AVAX) Shows Bullish Signs, but Selling Pressure Persists

Avalanche (AVAX) has experienced some bullish signs recently, but selling pressure continues to persist. The altcoin has been trading within an ascending channel since August 6, indicating a positive trend. However, its Relative Strength Index (RSI) is currently below the neutral 50 level, suggesting that selling pressure is still dominant. Additionally, the Chaikin Money Flow (CMF) remains negative, indicating that buying pressure is not strong enough to counteract the selling activity. While AVAX’s MACD line has crossed above its signal line, indicating a potential shift from bearish to bullish, these other indicators suggest that the bullish momentum could be limited. If selling pressure intensifies, AVAX may break below the support line of its ascending triangle, potentially retesting its previous low. On the other hand, if buying activity becomes more dominant, AVAX’s price could rally above $20 and reach $28.64.