Avalanche Price Prediction: AVAX primed for gains as altcoin nails its 37% measured move target

  • Avalanche price has soared 10% after nailing its measured move target of 37%.
  • AVAX could rise 5% to 10% to complete a mean reversal, supported by multiple buy signals.
  • The bullish thesis will be invalidated upon a candlestick close below $29.24.  

Avalanche (AVAX) price, like most altcoins, is showing strength following the fourth Bitcoin (BTC) halving. The landmark event, which has inspired positive market sentiment, has capital spilling over into other cryptocurrencies, including AVAX.

Also Read: Avalanche price might need to drop 5% to 10% before AVAX bulls eye retest of $80

Avalanche primed for 6% to 10% gains

Avalanche price nailed its 37% measured target following their formation of a Head-and-Should (H&S) chart pattern between mid-February and April 10. With bulls defending the $33.30 support after bottoming out at $29.24, AVAX price could rise 6% to 10% as part of a full-swing mean reversal.

Multiple technical indicators seem to align, starting with the Relative Strength Index (RSI), climbing to show rising momentum. Its crossover above the yellow band of its signal line is in itself a buy signal, reinforced by the one about to happen on the Moving Average Convergence Divergence (MACD).

Traders heeding this call to buy AVAX could see the buying pressure send Avalanche price above the 50% Fibonacci placeholder of $40.03, marking the midline of the market range measured from $50.81 to $29.24, when buying pressure and selling pressure climaxed respectively. The gains could top out after a 10% run to around $42.74 followed by a brief consolidation and retest of the $40.03 mean level.

If the 50% Fibonacci placeholder holds as support, it could provide the jumping-off point for the Avalanche price to reclaim the peak of the range at $50.81. This would constitute a 30% climb above current levels.

The Awesome Oscillator is also showing rising buying pressure as its histograms maintain a successive series of green bars edging towards the mean line.

AVAX/USDT 1-day chart

Conversely, if early profit booking sets in after 10% gains made over the day, the AVAX price could retract. A break and close below $20.34 would produce a lower low, invalidating the bullish thesis. 

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

Chainlink social dominance hits six-month peak as LINK extends gains

Chainlink social dominance hits six-month peak as LINK extends gains

Chainlink social dominance surged to a six-month peak on Friday as LINK holders increased their activity. LINK traders started taking profits, on-chain data trackers show. LINK price added 6% on Friday, extending its gains from mid-week.

More Chainlink News

Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570

Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570

Binance’s Financial Crimes Compliance (FCC) department joined forces with Taiwan’s Ministry of Justice and helped resolve a case of money laundering worth NT$200 million, or $6.2 million. 

More Binance News

Bitcoin Weekly Forecast: Is BTC out of the woods? Premium

Bitcoin Weekly Forecast: 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.

More Bitcoin News

XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa

XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa

Ripple hovers close to $0.51 on Friday, above the psychologically important $0.50 level, as traders await the court ruling of the lawsuit against the US Securities and Exchange Commission and amid new commitments from the firm to expand its services in Africa. 

More Ripple News

Bitcoin: Is BTC out of the woods? Premium

Bitcoin: Is BTC out of the woods?

Bitcoin (BTC) price action in the past two days has confirmed the resumption of the bull run. However, BTC needs to clear a few key hurdles before investors can go all-in. 

Read full analysis