Avalanche (AVAX) is gradually emerging from a downtrend as the bulls initiate a rebound from the $8.6 support zone.

As of 5:29 a.m. EST, AVAX is actively trading at $9.49 for a 4.5% gain in the past 24 hours and an 8.8% increase over the previous week. Its trading volume has also surged by 47% on the day, reaching $177 million.

AVAX Bulls Initiate a Rebound on Falling Wedge

AVAX had been in a prolonged bearish trend since April 17, leading to the formation of a falling wedge pattern. 

The pattern in the chart above is suggesting a potential shift towards a bullish trend, providing an opportunity for investors to enter the market after a long downtrend. 

$AVAX price action tells me that if any bulls🐂will be showing up, it will be evident today or later in the week.

Impressive comeback from the Asian session. pic.twitter.com/3Xe0UfxZ0X

— Simeon 💾 Neuromancer (@NaydenovSimeon) October 4, 2023

At the time of writing, AVAX demonstrates a price rebound from the lower boundary of the falling wedge, indicating that the bulls have gained control of the price. If this bullish rally sustains, it could drive the price above the falling wedge, confirming the bullish trend in the coming weeks and throughout Q4 of 2023.

The bullish outlook is further supported by the relative strength index (RSI), which has rebounded and is approaching the overbought zone, currently at a level of 55. This indicates significant buying pressure.

However, a different perspective is presented by the 50-day and 200-day moving averages, which are trading above the price, suggesting the possibility of a price retracement for AVAX. 

Additionally, the 50-day moving average acts as an immediate resistance level for AVAX’s price. To maintain the bullish momentum, the bulls need to overcome both moving averages.

AVAX Bullish Bias

Based on the analysis above, the price of AVAX exhibits a bullish bias supported by the falling wedge pattern. If the bullish trend persists, bulls will drive the price towards the $12.71 and $14.93 resistance levels.

Conversely, there is a possibility of bears gaining control of the price, potentially aided by the 50-day simple moving average. If this scenario unfolds, it could force the bulls to retreat, seeking support at the $8.62 zone.

Amid this uncertainty, Meme Kombat presents an enticing opportunity for AVAX investors with its attractive low-price presale offer and exciting stake-to-earn program.

Meme Kombat (MK): The Latest Memecoin Sensation with Explosive Potential

The memecoin community recently welcomed a new member, Meme Kombat (MK), which has captured the attention of traders and investors. This cryptocurrency combines the power of memes with an immersive gaming experience.

Markets rise and fall, but Kombat is forever 🥷👊#MemeKombat pic.twitter.com/hg82oFJkkf

— Meme Kombat (@Meme_Kombat) October 3, 2023

Meme Kombat is emerging as a unique investment option with the potential for high returns. It stands out in the crypto market by combining betting and staking, offering the opportunity to earn rewards.

Many investors are now wondering whether Meme Kombat could become the next Pepe Coin or Dogecoin, given its rapid momentum during the presale. Some are even confident that this new player is poised to be the next cryptocurrency to explode.

This innovative gaming platform is generating excitement within the crypto community and is gaining recognition as a potential successor to PEPE, the meme coin that gained popularity earlier this year.

You can also earn an impressive APY of 112% during the early sale by opting to stake. The project centres on supporting memes, where various memes compete for the top position in the Meme Kombat arena.

Meme Kombat Presale Selling Out Fast!

Meme Kombat (MK) has already raised $250,328 of its $1 million target in its ongoing presale, indicating significant interest from investors. The MK token can be acquired at its current price of $1.667.

Meme Kombat’s early achievements and endorsements from influencers indicate its potential to become a major player in the meme coin arena.

Crypto Gains, with a combined subscriber base of 109k, has taken notice of Meme Kombat and has expressed optimism regarding its potential to achieve a 100x return on investment.

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You can purchase $MK tokens by linking your Web3 wallet to the MK website and using Ethereum (ETH), Tether (USDT), and Binance Smart Chain (BNB).

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• Source: https://insidebitcoins.com/news/avalanche-analysis-avax-likely-to-see-major-moves-by-year-end