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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