Is Avalanche (AVAX) Price Ready To Take Out $100!

By Rekha chauhan
February 8, 2022 Updated February 8, 2022
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Avalanche ($AVAX) is showing no signs of slowing down any time soon as it continues soaring in value

Avalanche (AVAX) price rises for the third straight session on Tuesday. AVAX’s price has gained above 40% in the past five days. There are multiple technical indicators that suggest the current momentum is here to stay at least in the short term.

  • Avalanche (AVAX) price rose on Tuesday.
  • Expect more upside if the price breaks away $100.0
  • The 24-hour trading volume stands at $1,668,368,250 with 122% gains.

AVAX awaits a Symmetrical triangle breakout

Avalanche (AVAX) price has been trading inside the ‘Symmetrical Triangle’ formation since the beginning of January. AVAX has lost almost 54% from the highs of $117.61. Furthermore, the price breached the 20-DMA at $111.27.

Source: Trading View

Recently, the price has reversed the downtrend after taking support near the lower trend line of the symmetrical triangle. An acceptance above the mentioned moving average pushes the price toward the upper trend line.

However, investors felt a bit exhausted near the recent highs as after hitting the multi-week highs around $97.0 the price retreated toward $85.0. On Balance Volume (OBV) has been rising along with the momentum oscillator.

The Daily Relative Strength Index (RSI) is approaching toward the overbought zone while reading at 57.0.

A breakout above the intersection point of the Symmetrical triangle formation investors could test the psychological $100.0 level. The next highs of January 2 will be in the spotlight of investors.

Alternatively, the formation of a ‘Doji’ candlestick indicates some indecision among investors. If the next daily candle is a red one then the probability of lower breakout is quite higher. As a consequence, the immediate target is placed at $70.0.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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