Elliott Wave Forecast Team
ElliottWave-Forecast.com
AVAX (Avalanche) is one the top cryptocurrency having market cap around $25.9B. In cryptocurrency segment, it is ranked 11th by market cap having current price at around $106.1. Since June-2021 low, it rises more than 10 fold in the price, which shows the tremendous strength & trend in past few months.
Since September-2020, AVAX (AVAXUSDT – Binance) started the higher high sequence & gains the initial momentum in early 2021. It favored ended the impulse sequence as I red at $60.30 on 2/10/2021 high started from 9/22/2020 low. Thereafter the larger correction of II unfolded & ended at $9.32 low on 6/22/2021. The correction was 0.854 as dip retracement of previous wave I.
In the previous blog, it expected to extend higher in ((3)), while dips remain above $51.04 low. But it gave dip correction from ATH, which favors the idea of ((1)) ended at $147 high followed by ((2)) correction at $75.50 low.
AVAX – Elliott Wave Daily Latest View:
It gains the huge momentum in the sequence started from 6/22/2021 low & placed ((1)) at $147 high on 11/21/2021. It favored ended (1) at $79.80 high on 9/23/2021. It placed (2) at $51.04 low on 10/12/2021 as 0.382 retracement against the previous cycle of (1). It proposed ended (3) at $110.41 high & (4) at $92.00 as 0.236 retracement of wave (3). Finally it favored ended (5) at $147 high on 11/21/2021 as ((1)). While below $147 high, it proposed ended ((2)) as zigzag correction at $75.50 low. ((2)) was 0.5 retracement of ((1)).
It proposed ended (1) at $127.32 high & (2) at $98.25 low on 12/30/2021. While dips remain above $98.25 low, it expect to extend higher in (3), which will confirm when it breaks above $127.32 high of (1). Alternatively, if it breaks below $98.25 low from current level, we can see double correction lower in (2) towards $88.45 – $81.60 area, which ideally should remain above $75.50 to resume higher.
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