|

AVAX price rallies 50% in 10 days, here’s what could happen next [Video]

  • Avalanche price has rallied 50% within the last two weeks.
  • AVAX price maintains the bullish trend, technicals suggest.
  • Invalidation of the uptrend is a breach below $22.

Avalanche price movies in unison with the rest of the market. The Ethereum-based gaming token still has more upside potential.

AVAX price is on the move

Avalanche price may have traders in disbelief as the digital asset continues to rally higher.

Since July 13, the Ethereum-based gaming token has shown an impressive 50% rally. Although many traders may be skeptical of the crypto market’s rally, there are sparse reasons to define entering a bet against the trend. 

Avalanche price currently trades at $25. The expected target from last week’s bearish thesis once the invalidation at $20  was triggered. When observing the technicals, it appears a more time-consuming consolidation could be underway, or the initial rally is still unfinished. Therefore,  staying with the trend is warranted as the technicals could still unfold as part of a more significant impulse wave higher. The next targets for AVAX are $27 and $31. Traders should also consider a pull back into the mid $23 zone for a knife-catching opportunity.

https://editorial.fxstreet.com/miscelaneous/AVAXUSD_2022-07-20_14-02-54-637939512739131194.png

AVAX/USDT 3-Hour Chart

Invalidation of the uptrend is a breach below $22. If the bears can tag this level, they may be able to induce a sell-off targeting $17, resulting in a 30% decrease from the current Avalanche price.

In the following video, our analysts deep dive into the price action of AVAX, analyzing key levels in the market. -FXStreet Team

Author

Tony M.

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.

More from Tony M.
Share:

Editor's Picks

Cardano Price Forecast: Weak momentum puts ADA recovery at risk

Cardano is trading below $0.222 on Thursday after failing to sustain gains above the 50-day Exponential Moving Average near $0.228 the previous day. Weakening derivatives metrics and fading bullish momentum continue to weigh on sentiment, while a break below the 100-day EMA could push ADA lower. Derivatives data shows a cautious outlook for Cardano.

Ripple and Stellar outlook: XRP and XLM recovery stalls below EMAs

Ripple and Stellar remain under pressure on Thursday as both struggle to sustain their recent recovery attempts. XRP trades below $1.36, while XLM slips beneath $0.183, as mixed derivatives metrics, weakening momentum indicators and heating market conditions suggest cautious market sentiment. Derivatives data shows weakening conditions for Ripple and Stellar.

Zcash Price Forecast: ZEC reclaims $1,300 as ETF inflow hits 30-day high

Zcash price hovers above $1,300 on Thursday, sustaining its 15% gains so far this week with three straight days of recovery. Institutional and retail appeal is returning, with over $15 million in inflows recorded on Wednesday and ZEC futures Open Interest rising to a 30-day high of $2.89 billion. The technical outlook for ZEC indicates an upside bias as recovery gains traction.

Bitcoin derivatives improve, but $87,000 sell wall looms
Bitcoin (BTC) showed signs of recovery on Wednesday as derivatives positioning improved, but sell risk grew between $86,500 and $87,500, where sell orders and leveraged liquidation clusters could limit further gains.
Bitcoin: Macroeconomic headwinds, cooling demand cap BTC gains
Bitcoin (BTC) extends losses this week, trading below $82,500 as of Friday as selling pressure continues. Weakening institutional demand supports this pullback as BTC spot Exchange-Traded Funds (ETFs) are on track to record a two-week withdrawal streak, reaching $146.19 million in net outflows through Thursday.