- AVAX’s price shows strength as it bounces from a downtrend range price rallied to a high of $18 with eyes set on $20.
- AVAX may rally further as the market creates more bullish bias by breaking out from its descending triangle with high volume. The price could rise to $20
- AVAX’s price remains strong on the daily timeframe as the price attempts to break above the 50 Exponential Moving Average (EMA) as the price aims for more rallies.
Avalanche’s (AVAX), has been in a tough year. The price has continued to fall, however AVAX is now breaking out of the daily downward triangle. This has led to good volumes and a positive price movement. Recent price movements in Bitcoin (BTC), and Ethereum (ETH), have made the crypto market look more hopeful. AVAX’s price has risen from $15 to $18 as it attempts to grab the market by its horns. (Data from Binance).
Weekly Chart: Avalanche (AVAX), Price Analysis
Avalanche’s bullish momentum has been hampered by a quieter price. The price of AVAX remained steady despite uncertainty in the cryptocurrency space. It defended $15 as its support zone.
Before it could continue to trend higher, AVAX’s price needed to replicate the rally that took it to an all-time high of $150.
Although the market was trading within a narrow range for many weeks, it appeared that the price would be difficult to trade because there wasn’t enough volume. The market finally saw some movement as AVAX gained strength from the new market as well as recent positive developments in the cryptocurrency market.
Weekly resistance for the price of AVAX – $20-$22.
Weekly support for the price of AVAX – $15.
Prices Analysis of AVAX on the Daily (1D), Chart
The daily price of AVAX is bullish. It rose to $18 from a low of $103 after it broke out of its downward triangle on good volume. AVAX’s price may encounter resistance as it tries to hold onto the trend toward the $25 range.
AVAX should break above $20.5 and remain there for the next trend upwards to $25, which is a critical supply area for traders.
The Fibonacci retracement (Fib) value of 23.6% indicates that AVAX’s price was rejected as it attempted to break above this key value. A Fib value 23.6% corresponds to the $18.3 cost. The price of AVAX could go up to $21 or even $25 if it closes higher than this level.
Daily resistance for the AVAX price – $22-$25.
Daily support for the AVAX price – $16.2.
Featured Image from zipmex. Charts by Tradingview