Avalanche’s AVAX price could shock sleeping bulls, here's why
- Avalanche price trends upwards in a straight decline.
- AVAX price may have printed the final 5th wave low at $13.70.
- Invalidation of the bearish downtrend is a breach of $22.14.
Avalanche’s AVAX price could shock traders as the price has a possibility to continue much higher.
Avalanche price could head north
Avalanche’s AVAX price is pulling off a bullish performance worthy of praise amidst this challenging crypto market. Since the weekend, the layer 2 gaming token has successfully recovered 33% of lost ground following the devastating crash to $13.70. When analyzing the technicals, one can fit a 5-wave impulse into the $13.70, which justifies the bulls who entered the market early to partake in the profitable opportunity.
Avalanche price currently trades at $17.02. If the Monday swing low at $14.23 can hold, smart money should have no problem reaching $20 for an additional 17% increase. The Relative Strength Index confounds the counter-trend bullish idea as bullish divergence is shown between the last two drops marked waves 3 and 5. If the technicals are correct, a breach above the most recent swing high at $18.49 should be enough to propel AVAX price into ideal bullish territory.
AVAX/USDT 9-Hour Chart
Invalidation for the current downtrend is a breach above $22.14. If this level gets breached, traders can join a pullback and target the $35 level resulting in a 100% increase from the current AVAX price.
https://www.youtube.com/watch?v=PQTabcyeva4&t=5s
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
