2023-3-13 16:00 |
The Avalanche (AVAX) price shows signs of a completed correction but has not confirmed its bullish reversal yet.
AVAX is the native token of the Avalanche network, a blockchain platform that specializes in smart contracts. The AVAX price has fallen since reaching an all-time high of $147 in November 2021. The decrease led to a low of $10.54 in December 2022. The price has increased since.
In January, the digital asset reclaimed the $15.50 horizontal area and validated it as support this month.
While the price action shows bullish signs, the weekly RSI remains below 50 (red circle). Therefore, the long-term trend is not bullish yet.
AVAX has also followed a descending resistance line since August 2022. Whether it breaks out from the line or falls below the $15.50 area could determine the future trends direction.
A breakout could lead to highs near $29, while a breakdown would likely lead to lows near $9.
AVAX/USDT Weekly Chart. Source: TradingView Has Avalanche (AVAX) Price Already Completed Correction?While the weekly chart provides an uncertain outlook, shorter time frames provide a more bullish outlook. This is especially evident in the six-hour one.
There are several reasons for this.
Firstly, the price reclaimed the 0.618 Fib retracement level at $15.30 after previously deviating below it. As seen in the weekly time frames, such deviations are considered bullish development.
Secondly, the six-hour RSI generated bullish divergence (green line). This is another sign associated with bullish trends.
Finally, it seems that the price has completed an A-B-C corrective structure. If so, another upward movement has now begun. This count would be confirmed by an increase above the wave A low (red line) at $16.84. In that case, the AVAX token price would be expected to break out from the previously outlined resistance line and increase toward $29.
AVAX/USDT Six-Hour Chart. Source: TradingViewTo conclude, the most likely Avalanche price forecast is a breakout from a long-term descending resistance line and an increase toward $29. A movement above $16.84 would confirm this. On the other hand, a weekly close below $15.50 would invalidate this outlook and could lead to a fall toward $9.
For BeInCrypto’s latest crypto market analysis, click here.
The post Is Avalanche (AVAX) Price Ready to Resume Its Bull Rally? appeared first on BeInCrypto.
Similar to Notcoin - Blum - Airdrops In 2024
Avalanche (AVL) на Currencies.ru
|
