Avalanche Price Today – One more low before the fireworks occur

source: coinmash

In Short

  • Avalanche price lost 40% of its market value in November and has since rebounded by 25%.
  • Several signals suggest the market bottom might not be in as of yet. 
  • Invalidation of the bearish thesis is a breach above $21.40.

Avalanche price endured a devastating decline during the second trading week of November. After breaching new monthly lows, the bulls have jumped into the market, causing a 25% retaliation rally. Key levels have been defined to gauge who will come out in control of Avalanche’s future price action

AVAX price in make or beak

Avalanche price has seen better days as the Ethereum-based gaming token fell by 40% Since November 2. As volume remained sparse during the penny-from-Eiffel-style decline, side-lined bulls immediately took advantage of the opportunity, causing a 25% spike in just three days.

Avalanche price now auctions at $14.94. The declining move still shows sparse volume than the previous downtrend surge in the spring of 2022, which suggests the bears could be; losing steam. However, the Relative Strength Index (RSI) shows the recent decline breaching oversold territories on nearly all time frames until the weekly. 

source: tradingview
AVAX USDT 3-Day Chart

Considering this key piece of evidence, a pullback could occur n the short-term, but one more decline may be due to bringing the weekly and monthly price levels in sync with the lower time frames.  

In summary, Avalanche’s price may be due to one more daily decline. Traders may want to practice healthier risk management techniques as the market could be subject to increased volatility. The next bearish targets lie at $12 and potentially the July 2021 lows near $10.

Invalidation of the bearish thesis could arise if the bulls breach the swing high at $21.40. If the level is breached, AVAX could re-route north in the short term and rally as high as $30. Such a move would result in a 100% increase from the current Avalanche 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.