Avalanche price is at a critical point in the market. An explosive move could occur soon to resolve AVAX’s congestive price action.
Avalanche price in make or break
Avalanche price is experiencing turbulent price action going into the second trading weekend of December. On December 9, after a week of congestive auction market behavior, the Ethereum-based gaming token hovers just above November’s settlement price at $13.35, while dually ricocheting between the 8-day exponential and 21-day simple moving averages. If market conditions persist, a breach from either side of the moving averages could catalyze the next trending impulse.
Avalanche price currently auctions at $13.15. A Fibonacci retracement tool surrounding the entirety of the summer 200% bullrun between June and July shows the AVAX price hovering just above the 50% retracement level. A double top formation formed as a result of the bearish rejection at 8.2% Fib level on December 3rd. A second attempt at the barrier could promote a surging bullrun toward the summertime high at $9.83, resulting in a 50% markup from AVAX’s current market value.
On the contrary, traders should remember that November’s monthly closed bearish at a 33% loss from the previous month. If the bearish downtrend continues, the 50% fib level will ultimately fail to hold support. The next bearish target would be the psychological $10 zone, a level unaucitoned since July 2021. The bearish scenario would cause a 25% decrease from the current Avalanche price.
