- 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 could rally more as the price creates more bullish bias breaking out of its descending triangle with good volume as the price could rally 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 (AVAX) has had a difficult year as the price has remained in a downward trend, but the price of AVAX may be about to change as it broke out of its daily descending triangle with good volume. The crypto market has looked more promising recently, with Bitcoin (BTC) and Ethereum (ETH) showing impressive price movement. AVAX’s price has risen from $15 to $18 as it attempts to grab the market by its horns. (Data from Binance)
Avalanche (AVAX) Price Analysis On The Weekly Chart
Avalanche (AVAX) has struggled to regain its bullish momentum in recent times as the price has had a more quiet time, ranging in a weekly low of $15; despite the uncertainty that has befallen the crypto space, the price of AVAX held its ground as price defended its key support area of $15.
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.
After trading in a range for weeks as the price appeared difficult to trade due to little to no volume to push the price higher as the price appeared stagnated, the price of AVAX finally showed some movement after being rejuvenated strength as a result of the current market and as a result of the crypto market looking more encouraging in recent times.
Weekly resistance for the price of AVAX – $20-$22.
Weekly support for the price of AVAX – $15.
Price Analysis Of AVAX On The Daily (1D) Chart
In the daily timeframe, the price of AVAX remains bullish, having rallied to a high of $18 after breaking out of its descending triangle with good volume. However, the price of AVAX may face resistance to the trend to the $25 region.
AVAX must break and hold above $20.5 to trend higher to the $25 region, a key supply zone for most 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. The $18.3 price corresponds to a Fib value of 23.6%. If AVAX closes above this level, the price could rise to $21 and possibly $25.
Daily resistance for the AVAX price – $22-$25.
Daily support for the AVAX price – $16.2.
Featured Image From zipmex, Charts From TradingviewCredit: Source link
