• AVAX price shows that it is retracing to the 8-day EMA at $19.08 serving as a support level.
  • Investors can expect a bounce off the said foothold to trigger a 21% upswing to the 34-day EMA at $23.35. 
  • A daily candlestick close below the $18.26 barrier will invalidate the bullish thesis for Avalanche.

AVAX price has been on a roll since it bottomed on June 19. Since then, the altcoin has managed to provide traders with massive gains. The recent retracement suggests that Avalanche bulls are planning their next leg-up.

AVAX price finds a launching platform

AVAX price rallied a whopping 57% between June 19 and June 26, This impressive run-up was a recovery after a 90% crash since its all-time high at $146.75. Regardless, the bounce seems to be going up pretty well.

Investors need to be patient for AVAX price to retrace to the 8-day Exponential Moving Average (EMA) at $19.11. While buyers are likely to step in at this point to purchase the discounted Avalanche tokens, in some cases, the pullback could extend to $18.26.

Despite where buyers step in, $19.11 or $18.26, traders can expect this pullback to be scooped up by bargain hunters. As a result, AVAX price will likely try to breach through the high-time-frame resistance barrier at $21.47 and make a run for the next hurdle at $23.35 aka the 34-day EMA.

This move, in total, would constitute 21% from $19.11 or 27% from $18.26, and are likely where the trend will face exhaustion for Avalanche.

AVAX/USDT 1-day chart

AVAX/USDT 1-day chart

While things are looking up for AVAX price, a daily candlestick close below the $18.26 barrier will invalidate the bullish thesis for Avalanche. This breakdown will invalidate the recent optimistic recovery and flip the $18.26 support level into a resistance barrier.

Such a development could further see AVAX price retrace 13% and retest the June 23 swing low at $16.00.

 

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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Shiba Inu price edges close to a 60% breakout as bears watch in disbelief

Shiba Inu price edges close to a 60% breakout as bears watch in disbelief

Shiba Inu price has managed to stay above the POC at $0.0000118, indicating support from bulls. A continuation of this momentum could trigger a 60% rally to $0.0000200. A daily candlestick close below the $0.0000106 support level will invalidate the bullish thesis for SHIB.

More Shiba Inu news

XRP price attempts a 15% rally on Ripple’s interest in buying Celsius' assets

XRP price attempts a 15% rally on Ripple’s interest in buying Celsius' assets

XRP price shows a willingness to move above a significant resistance level, which it has attempted to do so for the past three months and failed each time. While this attempt is like any other and could fail, especially if the momentum is lacking. 

More Ripple news

Avalanche price makes a turn for the better

Avalanche price makes a turn for the better

Avalanche price shows classic ramping pattern accompanied with price ascension. AVAX price has breached the oversold level on the Relative Strength Index. If the technicals are correct, a breach of the $50 barrier could happen rapidly.

More Avalanche news

Binance Coin Price Prediction: Whales take naps at the shore

Binance Coin Price Prediction: Whales take naps at the shore

Binance coin shows reasons to believe in a market bottom. Traders should keep the smart contract giant on their watchlists throughout the summer. Binance coin price is beginning to show evidence of strength.

More Bitcoin news

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP