AVAX price to set new highs at $170 as Avalanche prepares for lift-off

AVAX has seen a minor retracement to collect liquidity resting below the November 20 swing low at $114.
This move has resulted in a quick 9% run-up that could lead to a 50% climb.
A breakdown of the $97.38 support level will invalidate the bullish thesis.

AVAX price has seen a massive upswing over the last month, pushing its market value into the triple-digit territory. While Avalanche undergoes a short-term retracement, the upside is likely to improve if the bulls hold critical levels.

AVAX price ready for takeoff

AVAX price rose 52% between November 18 and November 22, reaching a new high at $147. Further attempts to surpass this barrier were quickly undone as Avalanche continued to descend. This correction sliced through the 161.8% Fibonacci retracement level at $130 and bounced off the $110-to-$116 demand zone.

A quick dip into this area provided AVAX price the necessary oomph and allowed it to rally 10% to $122, where it is trading at the time of writing. Going forward, investors can expect Avalanche price to overcome the $130 hurdle and make a run for the $170 round number, just below the 261.8% Fibonacci retracement level at $177.

This climb would represent a 55% advance from $110 and set a new all-time high at $177.

AVAX/USDT 4-hour chart

The bullish scenario is intact as long as the AVAX price holds above the $110-o-$116 demand zone. However, a breakdown of this level could lead to a 12% crash to the immediate support level at $97.

A daily close below this level will invalidate the bullish thesis by creating a lower low. In such a situation, market participants can expect AVAX price to retrace another 9% to tag the $88.01 support level.

Share: Cryptos feed

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.