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Avalanche (AVAX)

Bears attempt to push Avalanche’s AVAX over a cliff for a 35% correction

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  • AVAX price faces a reaction from bearish divergence in its oscillators.
  • Bulls may be waiting to enter at a powerful support zone that combines Fibonacci and Ichimoku levels.
  • Retracements before the holiday season are normal.

AVAX price opened the week very strong with a new all-time high and after hitting the much sought-after $100 price level. Since hitting those two milestones, however, AVAX has plummeted more than 16% from the new high. Unfortunately for bulls, prices look like they will continue moving south.

AVAX price to extend losses a further 35% from the all-time high

AVAX price has consistently found support against the weekly Tenkan-Sen, currently at $76.50. Since first crossing above the weekly Tenkan-Sen in the week of August 13th, 2021, AVAX has never tested the Kijun-Sen. Given the current candlestick pattern developing, there is a real threat that the Tenkan-Sen will fail as a support level. 

Market participants are likely looking at the $55 value area as the next primary support level for AVAX. This is because the weekly Kijun-Sen, 50% Fibonacci retracement and a high volume node in the 2021 volume profile all exist within the $55 price range. If AVAX price moves to $55, that would represent a 45% drop from the all-time high. That may sound like a lot, but the move is within the average percentage retracement range for altcoins.

AVAX/USDT Weekly Ichimoku Chart Bulls and bears will want to monitor how AVAX price responds if it gets closer to the Tenkan-Sen. Any sustained and robust support at the Tenkan-Sen will invalidate any deeper bearish projections. If support holds at the Tenkan-Sen, then AVAX will likely continue its current trend of moving higher.

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Avalanche (AVAX)

Avalanche price analysis: AVAX unable to break through $124 resistance

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  • Avalanche price analysis is bullish today.
  • AVAX/USD is stuck at $124 resistance level.
  • Support is present at $119.5.

The AVAX price analysis is bullish for today, but despite the bullish momentum, the coin is finding it hard to move past the $124 resistance. The current bullish momentum started on 29th November but lost its energy on 30th November as the buying slowed down, which is the driving force behind it. However, today bulls again gathered some strength and took the AVAX price noticeably upwards, and now they are facing trouble at a $124 crucial resistance level.

AVAX/USD 1-day price chart: Bulls need more strength

The 1-day Avalanche price analysis shows bulls have covered an upwards range from $121 to $124 today will swinging as high as $127 at a point today. The AVAX/USD pair is trading hands at $124 at the time of writing, reporting an increase in price value by 3.94 percent. On the other hand, the week

ly gain is quite low, accumulating to only 0.68 percent, the reason being the downward trend during the start of the week when AVAX was reverting back from its ATH at $135. AVAX’s trading volume has increased by almost 52 percent and the market cap by 5.93 percent over the last 24 hours.

Avalanche price analysis: AVAX unable to break through $124 resistance 1

The volatility is high for the AVAX/USD pair as the Bollinger bands are expanded with the upper band at $138, which represents resistance level as the price is below this level, and the lower band is at the $85 mark. The mean average of the indicator represents support for the crypto pair at the $111 mark.

The relative strength index (RSI) is trading on a slight upwards slope, hinting at a little more buying activity, which started on 29th November in the market. The RSI is still in the upper half of the neutral zone, and for the coin to move above $124, the RSI needs to be near the borderline of the overbought region.

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Avalanche price analysis: Recent developments and further technical indications

The 4-hour price chart for Avalanche price analysis shows that the coin spiked high after the price breakout upwards, but after 4-hours, selling pressure also kicked in as the resistance at $124 is strong, and AVAX needs more support for a breakthrough.

Avalanche price analysis: AVAX unable to break through $124 resistance 2
AVAX/USD 4-hours price chart. Source: TradingView

The volatility is increasing for AVAX/USD, The upper Bollinger band is now at $217, representing resistance for AVAX as the price trades below the upper band, and the lower Bollinger band is present at the $102 mark. The RSI curve is also downwards, indicating the selling pressure at the moment, as it travels down at index 60.

Avalanche price analysis conclusion

The Avalanche price analysis shows the coin is in bullish momentum, but bulls need more support to make a push through above $124 resistance. The 4-hour chart also shows high pressure at this time, but there are ample chances for AVAX bulls to get the required support in the coming hours, and the AVAX may start its journey above $124.

The volatility is high for the AVAX/USD pair as the Bollinger bands are expanded with the upper band at $138, which represents resistance level as the price is below this level, and the lower band is at the $85 mark. The mean average of the indicator represents support for the crypto pair at the $111 mark.

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The relative strength index (RSI) is trading on a slight upwards slope, hinting at a little more buying activity, which started on 29th November in the market. The RSI is still in the upper half of the neutral zone, and for the coin to move above $124, the RSI needs to be near the borderline of the overbought region.

Avalanche price analysis: Recent developments and further technical indications

The 4-hour price chart for Avalanche price analysis shows that the coin spiked high after the price breakout upwards, but after 4-hours, selling pressure also kicked in as the resistance at $124 is strong, and AVAX needs more support for a breakthrough.

Avalanche price analysis: AVAX unable to break through $124 resistance 2
AVAX/USD 4-hours price chart. Source: TradingView

The volatility is increasing for AVAX/USD, The upper Bollinger band is now at $217, representing resistance for AVAX as the price trades below the upper band, and the lower Bollinger band is present at the $102 mark. The RSI curve is also downwards, indicating the selling pressure at the moment, as it travels down at index 60.

Avalanche price analysis conclusion

The Avalanche price analysis shows the coin is in bullish momentum, but bulls need more support to make a push through above $124 resistance. The 4-hour chart also shows high pressure at this time, but there are ample chances for AVAX bulls to get the required support in the coming hours, and the AVAX may start its journey above $124.

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Avalanche (AVAX)

Avalanche (AVAX) Parabolic Rally – Is It Over?

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The crypto market has been seeing important corrections lately, but this did not stop the optimistic predictions from hitting the crypto space.

One of the most successful projects lately has been Avalanche and an important analyst is debating whether the coin can go higher in the near future.

Avalanche (AVAX) price prediction

Crypto analyst Benjamin Cowen addressed whether Avalanche (AVAX) has any gas left in the tank after its parabolic rally.

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Just in case you don’t know, AVAX hit its ATH of nearly $145 over the weekend.

The smart contract platform was trading around $13 at the beginning of August, according to the notes coming from CMC.

Cowen said that AVAX is getting “somewhat extended.”

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On the other hand, he said that Avalanche is at the same level of extension that it was at when it hit $60, and then it more than doubled in price.

Cowen says it would be “concerning” to see the coin get even more extended by continuing to rise in a short period of time.

He also said that AVAX’s US dollar valuation is highly dependent on what Bitcoin (BTC) does.

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“As long as Bitcoin stays above its 20-week moving average, then AXAX can continue to rally until it gets too far gone to sustain it in the short term, and then we’ll have a pullback. But as long as Bitcoin stays healthy, then, of course, AVAX can continue to make a move.”

According to the latest reports coming from the Daily Hodl, Cowen noted that AVAX could go up another 50% against Bitcoin.

AVAX could reach $200

According to the analyst, such a move would price Avalanche at just over $200 if Bitcoin’s value remained steady.

As you probably know by now, BTC has been seeing some corrections lately, but this did not stop excited investors from buying the dip.

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Avalanche Price Analysis: AVAX ready to resume rally after retracing 23 percent?

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  • Avalanche price analysis is bullish today.
  • AVAX/USD set higher low above $111.
  • Buying pressure returned overnight.

Avalanche price analysis is bullish today as a strong higher low was set yesterday after a 23 percent retracement earlier this week. Since AVAX/USD has set a strong higher high, we expect to see more upside over the next 24 hours as the overall market sentiment is still very bullish.

Avalanche Price Analysis: AVAX ready to resume rally after retracing 23 percent? 1
Cryptocurrency heat map. Source: Coin360

The market has seen buying pressure return over the last 24 hours. The market leaders, Bitcoin and Ethereum are up by 3.85 and 3.8 percent, respectively. Meanwhile, Avalanche (AVAX) is among the top performers, with a gain of over 10 percent.

Avalanche price movement in the last 24 hours: Avalanche resumes rallying after establishing a higher low above $112

AVAX/USD traded in a range of $113.00 – $129.43, indicating strong volatility over the last 24 hours. Trading volume has increased by 29.69 percent, totaling $2.44 billion, while the total market cap trades around $28.7 billion, ranking the coin in 11th place overall.

AVAX/USD 4-hour chart: AVAX looks to return above $130 

On the 4-hour chart, we can see the Avalanche price moving higher again today as a strong higher low was set overnight.

Avalanche Price Analysis: AVAX ready to resume rally after retracing 23 percent?
AVAX/USD 4-hour chart. Source: TradingView

Avalanche price has seen a strong advance so far in November. From the previous low of around $60, AVAX/USD more than doubled in price by the 21st of November, when the $147 current high was reached.

After a small initial retracement, bulls failed to reach more upside on Monday, resulting in a lower high set. From there, Avalanche saw substantial retracement until the second half of Yesterday, when a reaction higher was seen above $112.

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Bullish momentum rapidly returned for the Avalanche price overnight, leading back above $125 earlier today. Currently, we can see AVAX/USD testing further upside, again, likely leading to the previous all-time high reached by the end of the week.

Avalanche Price Analysis: Conclusion 

Avalanche price analysis is bullish today as a strong higher low was set overnight after the several-day retracement came to a stop late yesterday. AVAX/USD currently rapidly moves higher, likely leading to further highs later this week.

While waiting for Avalanche to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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