|

AVAX price to hit new all-time high at $80 as Avalanche bulls take over

  • AVAX price is traversing a bull flag pattern, eyeing a retest of $77.48.
  • There is still a 25% upside potential for Avalanche to rally.
  • A breakdown of the $48.44 support floor will invalidate the bullish outlook.

AVAX price rose exponentially after breaking out of a crucial resistance level on September 10. However, this uptrend was cut short as the markets collapsed on September 12, which led to a quick retracement. However, Avalanche seems to be back on track and ready to continue its rally.

AVAX price on path to set up new all-time highs

AVAX price seems to be traversing a bull flag pattern. This technical formation contains an exponential upswing known as a flagpole followed by a downward sloping parallel channel referred to as the flag.

Avalanche price rose 220% from August 17 to August 24, forming the flag pole and the consolidation that followed created the flag. This setup forecasts a 67% upswing to $77.45, which is the length of the flagpole added to the breakout point at $46.24.

AVAX price breached the flag’s upper trend line on September 10 and has rallied 32% so far. While this climb might seem overextended, the upside potential for the bulls appears to be capped at around $77.48, roughly 25% away from the current position.

To reach a new all-time high, the AVAX price needs to slice through the September 12 swing high at $63.91. A decisive close above this barrier will open the path for a 25% ascent.

In a bullish case, the rally might extend to $80, which could be the next all-time high.

AVAX/USDT 9-hour chart

AVAX/USDT 9-hour chart

On the flip side, if AVAX price fails to slice through $63.91, a retracement to $55.63 might ensue, where the buyers can make a comeback. However, an increased selling pressure that pushes Avalanche price to produce a lower low below $48.44 will invalidate the bullish thesis.

In that case, AVAX price might crash to the stable barrier at $43.04.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

More from Akash Girimath
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Ethereum Price Forecast: EF outlines ways to solve growing state issues

Ethereum price today: $2,920. The EF noted that Ethereum's growing state could lead to centralization and weaken censorship resistance. The Stateless Consensus team outlined state expiry, state archive and partial statelessness as potential solutions to the growing state load.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP correction slide as BoJ rate decision weighs on sentiment

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are extending their correction phases after losing nearly 3%, 8%, and 10%, respectively, through Friday.

Top Crypto Losers: Pump.fun, Pudgy Penguins, and Hyperliquid extend bearish streak

Pump.fun, Pudgy Penguins, and Hyperliquid lose ground in an extended bearish streak, recording double-digit losses this week. The surprise drop in the November US CPI to 2.7%, beating expectations of 3.1%, fueled a rally in the stock market.

Bitcoin, Ethereum, XRP face sharp volatility as US posts lowest inflation rate in years

Bitcoin, Ethereum and XRP saw increased volatility following the US CPI report for November. The US headline inflation dropped to 2.7% while core CPI fell to 2.6%, its lowest level since March 2021.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.