- AVAX price auctions at a key 61.8% Fibonacci Retracement level.
- Avalanche price shows an uptick in volume amidst the contact with the FIB level and RSI support.
- Invalidation of the bullish thesis depends on the June 18 swing low at $13.79 holding as support.
Avalanche price could be bottoming out at the current price level. Any move deeper would be a positive developement for the bearish scenario.
Avalanche price is at a make-or-break level
Avalanche price currently auctions at $18.84 as the bulls and bears wrestle over smaller time frame zones. Since August, the bears have had control over the trend putting an end to the summertime rally, which at its peak was a 120% increase in value for AVAX holders since the June 18 liquidation.
A Fibonacci retracement tool surrounding the entirety of the summertime bull run suggests the current decline is currently the 61.8% retracement. Amongst Elliott Wave and Fibonacci practitioners, the Avalanche price must begin to find support and retaliate against the bears, or the entire uptrend will be in jeopardy.
AVAX USD
The buy is justifiable for traders looking to partake in a speculative play. The Relative Strength Index and Volume profile Indicator both support the idea of a potential market bottom. Bullish targets could rally to $37, a 90% increase from today's market value.
The prospective rally depends on the June 18 swing low at $13.79 remaining unbreached. Early evidence of downtrend continuation could be a close below $17.25.
In the following video, our analysts deep dive into the price action of Avalanche, analyzing key levels of interest in the market. -FXStreet Team
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.
Recommended Content
Editors’ Picks
Bitcoin consolidates ahead of MicroStrategy Q1 earnings, strategic Bitcoin reserve deadline
Bitcoin price is extending its consolidation streak, trading around $95,000 on Wednesday, as traders await a decisive breakout. MicroStrategy’s Q1 earnings release and the approaching deadline for the Strategic Bitcoin Reserve have the potential to move BTC price.
Chainlink price offers mixed signals as supply outside of exchanges soars but network activity declines
Chainlink's supply outside exchanges has surged to 803.38 million from 778.87 million in under two months. LINK network activity declines, with new and active addresses falling from a recent peak.
Ripple Price Prediction: XRP price uptrend toward $3 looks steady
Ripple (XRP) price hovers at $2.24 at the time of writing on Wednesday as bulls try to prevent the pullback from its April peak of $2.36 from extending further. If XRP holds above the immediate support at $2.21, a reversal could soon ensue.
THORChain announces integration of XRP stagenet ahead of the mainnet network launch
THORChain announced on Tuesday that its stagenet development of its Ripple (XRP) integration is nearing the final step, with mainnet activation imminent. This integration enhances THORChain’s economic model by increasing swap activity and protocol fees.
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week. This week’s rally was supported by strong institutional demand, as US spot ETFs recorded a total inflow of $2.68 billion until Thursday.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.