5 months ago 2 min read

Avalanche Bulls Are on the Steering Wheel as AVAX Breaking $18.5 Resistance a Possibility

Avalanche Bulls Are on the Steering Wheel as AVAX Breaking $18.5 Resistance a Possibility

Key Takeaways:

• The price of AVAX exhibits strength as it recovers from a downtrend range and surges to a high of $18 with targets of $20.

• As the price develops a stronger bullish bias and breaks out of its descending triangle with solid volume, AVAX may continue to rise and reach $20.

• On the daily timeframe, the price of AVAX is still strong as it tries to rise over the 50 Exponential Moving Average (EMA) in anticipation of further rises.

Price Analysis of AVAX on Weekly Chart

The price of Avalanche (AVAX) has been more stable recently, ranging in a weekly low of $15; despite the uncertainty that has beset the crypto market, the price of AVAX kept its ground as price defended its crucial support level of $15. Recently, AVAX has failed to restore its bullish momentum.

AVAX's price needed to reproduce the uptrend that brought it to an all-time high of $150 before it could continue to trend upward.

The price of AVAX finally showed some movement 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. This was because the current market and the cryptocurrency market have both recently started to look more encouraging.

AVAX price resistance for the week is between $20 and $22, while weekly support is at $15.

Price Analysis of AVAX on 1D Chart

The price of AVAX is still rising on a daily basis and has broken out of its falling triangle on strong volume, rising to a high of $18. AVAX's price, nevertheless, might encounter resistance as it moves toward the $25 range.

Fibonacci Retracement on AVAX's 1D Chart | Source: TradingView, defi_sinzu

To trend higher to the $25 range, a crucial supply zone for most traders, AVAX must cross and hold above $20.5.

The price of AVAX was rebuffed when it tried to break above this important level, according to the Fibonacci retracement (Fib) value of 23.6%. A 23.6% Fib value is corresponding to the $18.3 price. If AVAX closes above this mark, its price can increase to $21 or even $25.

$22–$25 is the AVAX price's daily resistance while $16.2 is its daily support.

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