Why investors must keep AVAX price on their watchlists this week


  • Avalanche’s AVAX price could be setting up for a 50% rally.
  • AVAX price is showing bullish re-entrance on the volume indicator.
  • Invalidation of the bullish thesis is a breach below $21.25.

AVAX price displays newfound bullish momentum to start this week’s trading session as the bulls have printed a significant engulfing on the six-hour chart. 

AVAX price is poised for gains 

AVAX price currently trades at $27, an optimistic 10% above last week’s settling price. It has been mentioned in previous outlooks that Bitcoin price would need to find support above the $30,000 level for the crypto market to regain strength. On Monday, Bitcoin price trades at $31,500, which could be a subtle indication for long-term investors to begin a dollar-cost average approach to popular altcoins.

AVAX price shows bullish confluence on the Volume Profile as there seems to be a resurgence of bulls. If market conditions persist, several gaps established since the May 12 sell-off could begin getting filled. Ultimately, the $42 zone could be the final stop for swing trading capitalists.

tm/avax/6/6/22

AVAX/USDT 6-Hour Chart

Invalidation of the bullish thesis is a breach below the swing lows at $21.25. AVAX price should under no circumstances revisit these levels in the coming weeks. If the bears manage to accomplish said price action, a decline to $18 could occur, resulting in a 30% decrease from the current Avalanche price.

 


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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin may be set for a price rebound amid alleged Trump's plan to speak at Bitcoin convention

Bitcoin may be set for a price rebound amid alleged Trump's plan to speak at Bitcoin convention

Bitcoin's price dropped below the $60K level briefly on Monday following news of defunct exchange Mt Gox beginning to pay its creditors in July. However, Santiment data reveals that the recent spike in social volume of the phrase "bottom" could signal a potential price rebound for Bitcoin based on historical trends.

More Bitcoin News

Solana down 15% in past seven days amid claims of alleged SOL investigation

Solana down 15% in past seven days amid claims of alleged SOL investigation

Solana holders and crypto analysts on X slammed influencer Crypto Bitlord behind the X handle @crypto_bitlord7 for his hot take on Solana and an alleged investigation. The analyst said that the alleged investigation has been brewing for “some weeks now,” and the crypto community on X heavily critiqued the influencer.

More Solana News

Ethereum whales increase their holdings following recent price decline

Ethereum whales increase their holdings following recent price decline

Ethereum's price (ETH) is down nearly 6% on Monday after Mt. Gox announced it would begin repaying creditors their Bitcoin and Bitcoin Cash. However, ETH whales have pounced on the price decline as an opportunity to purchase ETH before the arrival of spot Ethereum ETFs.

More Ethereum News

SHIB whale sells amid controversy surrounding WATER meme coin and singer Jason Derulo

SHIB whale sells amid controversy surrounding WATER meme coin and singer Jason Derulo

SHIB whales could be selling as the Dogecoin competitor has not seen sustained price growth in the past three months. WATER token might be facing selling pressure from increased insider activity. Jason Derulo accused of promoting crypto pump-and-dump scams by analyst.

More Shiba News

Bitcoin: Is BTC out of the woods?

Bitcoin: Is BTC out of the woods?

Bitcoin appears poised for a slight decline this week, influenced by factors such as the German Government's deposit of over 1,700 BTC in exchanges, decreasing outflows in US spot ETFs, and on-chain data indicating no signs of BTC DeFi liquidation. 

Read full analysis

BTC

ETH

XRP