Avalanche Fires Back to $17; Can The Bulls Push More To $20 Instead?

  • AVAX’s price shows strength as it bounces from a downtrend with high volume, aiming for a rally to $20.
  • AVAX is facing a rejection of a trend higher than $17, after falling sharply below key resistance.
  • AVAX’s price remains strong below the 50 Exponential Moving Average (EMA) as it attempts to rally past a key area.

Avalanche (AVAX), although it is nearing the $17 area, remains strong and faces resistance from climbing to the $20 zone. With Bitcoin (BTC), Ethereum (ETH), experiencing substantial price movements, the crypto market appears more stable. Avalanche (AVAX) has seen a rise from its downtrend to $17, as the price attempts break through key resistance. (Data from Binance).

Weekly Chart Price Analysis for Avalanche, (AVAX).

Source: AVAXUSDT On Tradingview.com| Source: AVAXUSDT On Tradingview.com

While many altcoins struggle to stay in the trend market, AVAX’s price has been more in the downtrend. It dropped from $150 to $15 at its peak, which was more than 80%, and it is now trading at $16.

AVAX’s price recently declined from an all-time high of more than $150 to a region of $75 before rallying to a high of $100; the price of AVAX faced further rejection to its price to a range low of $60. 

AVAX’s price bounced instantly, creating pin-bar candlesticks. The price rose to $96 and seemed to indicate a greater rally.

AVAX’s price faced a much bigger rejection at $96 as the price has continuously declined from this high to a weekly low of $15, where the price attempted to rally high but with less volume accompanying this rally.

Despite AVAX rallying from its weekly low, the price failed to break past the resistance at $35.3, corresponding to Fibonacci’s retracement value of 23.6%. For more relief, the price should break through resistance at $35.3

Weekly resistance for the price of AVAX – $35.

Weekly Support for the price of AVAX – $15.

Comparison of the Daily AVAX Price Chart (1D)

Source: Tradingview.com| Source: AVAXUSDT On Tradingview.com

The price of AVAX is strong in the daily price range and trades above $15, which was formed after price rally from daily low. This market looks favorable for all crypto assets.

AVAX must break above 50 EMA in order to be a strong resistance. A price of $17.50 is equivalent to 50 EMA. This resistance will prevent the price from rising to $20. 

Daily resistance for the AVAX price – $17.50.

Daily Support for the AVAX price – $15.

Featured Image from zipmex. Charts From Tradingview 

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