NewsletterAVAX Price Analysis: Aims For $30.0 As Buying Pressure Sustains
Avalanche’s (AVAX) price has been on the bullish run for the straight third day. The market sentiment remains optimistic as the price continues to hold above the $25.80 threshold. More gains could be realized in the coming few sessions as AVAX is just a tad below the psychological $26.0 mark. Likewise, on the downside, the key support level to watch out be $24.0.
- AVAX price trades higher on Wednesday as USD weaknes.
- A Broader Crypto-market recovery aided the upside in the price.
- AVAX/USD records gains of nearly 30% in the last three days.
As of writing, AVAX/USD is exchanging hands at $25.69, up 3.88% for the day.
AVAX Price Moves North
On the daily chart, the AVAX formed a price and volume contraction pattern. The price and volume contraction pattern is formed when the price starts to contract with no or small volumes at all, and after the breakout, the price breaks its resistance with increased volumes. The recent price action suggests that the fall has come to an end. This action resulted in a decent upside breakout with great volume.
In addition to that, the AVAX price has breached the critical 50-day EMA at $23.27. Now, ff the bulls manage to produce a daily candlestick above $27.50, then the road to $30.0 would be easy to achieve.
On the hourly charts, the AVAX price trades in a consolidated manner. The nearest support is placed at around $23.40, which also coincides with 50% Fibonacci retracement.
If the price bounced from the above support level along with a good breakout of a bullish flag and pole pattern. This would result in a good up move.
- BLS to Release Jobs Report on Nov. 20 as Uncertainty Over Fed Rate Cut Persists
- JPMorgan calls Bitcoin Price Bottom, Predicts It Will Challenge Gold Next Year
- Zcash to Surpass XRP? Arthur Hayes Makes Bold Claim Amid ZEC’s 45% Rally
- BlackRock Bitcoin ETF’s Biggest Outflow Ever Sparks Panic, But Kiyosaki Stays Bullish
- Bitcoin Can Rebound Anytime So Long Capital Keeps Flowing In, Says CryptoQuant CEO
- What the New Bitcoin Model Predicts About a Possible $200K BTC Price Target?
- Zcash Price Soars 45%: Here’s Why
- Bitcoin Price Pattern Points to a Crash to $62k as Fed Cut Odds Fall to 54%
- Zcash Price Defies Market Crash: Will Shrinking Exchange Netflows Keep ZEC Rallying?
- XRP, DOGE & ADA Price Outlook: How Low Can These Altcoins Drop Next?
- Ethereum Price Sheds 10% but Lands on the $3,150 Accumulation Base — Is a Buy-the-Dip Bounce Ahead?
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.
Premium Partners
