Avalanche (AVAX) Price Prediction: AVAX Aims For $110.0, Are Bad Days over!
Avalanche (AVAX) price falls for the second day on Friday. AVAX price fails to sustain Thursday’s high and lost 18% in two days. Investors anticipate a retracement of 15% towards $0.68 if the bearish sentiment persists. However, the current price trend suggests that AVAX could utilize the current retracement as a base for the next leg up.
- Avalanche (AVAX) price edges lower on Friday in the late U.S trading session.
- Investors manage to hold above the critical $80 level.
- AVAX logged nearly 85% gains from January’s lows.
As of press time, AVAX/USD is trading at $84.98, down nearly 4%. The 24-hour trading volume reads at $1,419,047,712 with more than 22$ losses.
AVAX seeks next leg-up
On the daily chart, Avalanche’s (AVAX) price has surged more than 80% from the lows of $53 made in late January. The price action constitutes a ‘rising wedge pattern’, which is a bearish continuation pattern.
That’s a twist, as per the extension of the formation AVAX has the potential to rise further 37% from the current levels. A closer look at how the price performed inside the channel strengthens the short-term bullish bias for the pair.
Bulls have found fresh buying opportunities as the AVAX price tests the lower trendline of the mentioned formation at every retracement.
Now, AVAX/USD has comfortably placed above the 20-day Simple Moving Average (SMA) at $80.00 that coinciding with the current retracement in price.
We expect, the price would respect the reliable support level and would take out the first resistance hurdle at $103 followed by the ultimate target of $ 110.0.
Alternatively, a failure to hold $80.0 on a daily closing basis would invalidate the bullish theory. The first downside target could be found at $70.0.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) slips below the average line. However, still reads at 50 making bulls hopeful.
MACD: The Moving Average Convergence Divergence (MACD) is above the midline. Any uptick in the indicator would be favorable for long positions holders.
- $240 Million Hacked Crypto Exchange WazirX Reopens Deposits But Faces Community Backlash
- Expert Flags Pi Network Team as Source of Selling Pressure After Reported 1.2M PI Dump
- Ripple’s Chris Larsen Expands XRP Realized Profit to $764M Amid Evernorth Deal
- Just In: Hyperliquid Strategies Eyes $1B Capital Raise, Plans HYPE Token Accumulation
- Senators Reaffirm Commitment to Market Structure Bill After Meeting with Coinbase, Ripple
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
