What Does AVAX Need to Achieve Bullish Reversal

CoinWorld.com reported:
The decreasing trend of AVAX’s NVT ratio suggests potential undervaluation and indicates positive prospects. For a bullish reversal, AVAX needs to break above the Ichimoku cloud and see the MACD line cross above the signal line.
Under recent market dynamics and buying pressure, Avalanche [AVAX] is currently showing promising signs of a bullish reversal. But what does it take for the bull market to fully turn around?
AMBCrypto examined AVAX’s Network Value to Transaction ratio. It is in a downtrend, which is usually a bullish signal indicating that the token may be undervalued relative to trading volume.
However, as of June, the decline in active addresses indicates reduced network activity, which could suppress the bullish momentum unless reversed.
AVAX bulls overwhelmed by bears
The exchange net flow ratio of AVAX has increased, with a recent overall trend of significant inflows into exchanges.
If the NVT ratio continues to decline with the rise in trading volume, it will support healthier, fundamentally driven growth and contribute positively to the bullish reversal.
The Ichimoku cloud (or Kumo) currently displays a red cloud, indicating an upcoming bearish phase. The Tenkan Sen (blue line) appears to be below the Kijun Sen (red line), which is another bearish signal.
The cross below the cloud completely disrupts the current bullish momentum.
To sustain the bullish reversal, AVAX needs to convincingly break above the Ichimoku cloud while crossing the Tenkan Sen and Kijun Sen inside or above the cloud. Increasing bullish trading volume will support this reversal.
Interestingly, the 200-day MA shows a significant bullish trend in the long term, currently well below the current price levels. The MACD line is below the signal line, both moving downward under bearish leadership.
If the price attempts to bounce back, the green MA (200-day) could become a key support level. Any reversal from this level will indicate a reversal of the bull market.
Regardless of reality, here is the BTC market cap of AVAX
However, a convincing reversal requires the MACD line to cross above the signal line and the price to break above the middle red Bollinger band.
Unfortunately, the current pattern heavily favors the bearish side, with a possibility of further decline.