Avalanche (AVAX) Price Prediction: A pullback wave worth surfing

Avalanche (AVAX) Price Prediction A pullback wave worth surfing

In Short

  • Avalanche price shows bullish divergence followed by an uptick in volume.
  • AVAX price reconquers the 8-day exponential moving average.
  • Invalidation of the countertrend idea depends on $13.79 remaining unbreached.

AVAX price shows pullback potential. Key levels have been defined.

AVAX price for a quick 1-to-1

Avalanche’s AVAX price could be developing the bottom for a countertrend rally. The bulls have printed an inverted hammer with an uptick in volume followed by an additional bullish engulfing candle on the 12-hour chart. A bullish divergence pattern on the Relative Strength Index accompanies the market’s bottom-looking structure.

AVAX price is currently auctioning at $17.58 as the Ethereum-based gaming token has successfully breached the 8-day exponential moving average. Consolidation occurs while the Relative Strength Index hovers over bullish terrain after printing a bullish divergence that prompted the first spike upwards. If the market is genuinely turning bullish, a rise towards $20.50 stands a fair chance of occurring.

AVAX USD 12-Hour Chart 
AVAX USD 12-Hour Chart 

The 21-day simple moving average rests within the $18 zone. Claiming this barrier could help forecast a larger price projection in the days to come. Asking for more than a 1-1 trade setup the 61.8 Fibonacci Retracement level (of the previous bull run) may be too risky at current time.

Invalidation of the bullish countertrend play is a breach below the June 18 swing low at $13.79. If the bears breach this level, an additional drop could occur, targeting $10. Said price action would result in a 40% decline from the current AVAX price.

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Tony Montpeirous
Tony Montpeirous
Tony Monpeirous is a full time crypto trader and chart analyst at Coinmash and FXStreet. His style of trading includes, Elliot Wave, Auction Market Theory, and Classic Price Action techniques. When he is not on the screens, Tony enjoys music, cooking, and learning new skills.