Avalanche price could reach new all-time highs as bulls find support on the weekly trend line


  • Avalanche price is retesting a breached weekly trend channel.
  • AVAX price fluctuates within a weekly supply zone. 
  • Invalidation of the bullish scenario is a dip below $64.

Avalanche price could be a profitable cryptocurrency for risk-taking traders. Traders should watch AVAX price closely to partake in a market bottom in the coming days.

Avalanche price is a hopeful chart watch

Avalanche price has been on analysts’ radar lately as the digital asset is retesting a breached weekly trend channel. The AVAX price looks synergistic with classic trading style methods. At the time of writing, the AVAX price is $80.17, hovering within a critical weekly supply zone yet above the weekly trend channel. Trading within smart money zones is never easy. Thus, traders can expect choppy price action in the coming days. AVAX price could be completing a long-term triangle formation, which could head towards $115 and potentially new all-time highs.

Avalanche price does have more space to fall according to the Relative Strength Index. The volume profile indicator does not provide substantial evidence of a clear change in the trend either. Thus there is no clear indication of a downtrend capitulation as of yet, but risky traders could begin dollar-cost averaging in with an invalidation at $64.75.

TM/Avax/4.13.22

AVAX/USDT 3-Day Chart

If 64.75 were to get breached price could fall to $55, resulting in a 30% dip from the current AVAX price.

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Worldcoin price could rally 20% if Nvidia earnings beat estimates

Worldcoin price could rally 20% if Nvidia earnings beat estimates

Worldcoin price is likely to rally 20% after a consolidation. Nvidia's earnings report on Wednesday could catalyze an upside move for WLD. A daily candlestick close below $4.20 would invalidate the bullish thesis.

More Worldcoin News

Shiba Inu whales accumulate SHIB, 25% upswing likely Premium

Shiba Inu whales accumulate SHIB, 25% upswing likely

Shiba Inu price has breached a two-month consolidation, indicating its readiness to move. Investors can expect SHIB to rally 25% and tag the $0.0000315 resistance level.

More Shiba Inu News

Ethereum continues to rally as five potential spot ETH ETF issuers have already submitted amended filings

Ethereum continues to rally as five potential spot ETH ETF issuers have already submitted amended filings

Ethereum (ETH) continued its rally on Tuesday following the submission of amended filings on the Securities & Exchange Commission's (SEC) website by five potential spot ETH ETF issuers.

More Ethereum News

zkSync is allegedly planning token generation event and airdrop

zkSync is allegedly planning token generation event and airdrop

zkSync is allegedly planning a token generation event (TGE) this week and an airdrop launch in June. Matter Labs, the developers behind zkSync, decided to go fully decentralized.

More Cryptocurrencies News

Bitcoin: Is BTC out of the woods? Premium

Bitcoin: Is BTC out of the woods?

Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.

Read full analysis

BTC

ETH

XRP