As a seasoned researcher and trader with over two decades of experience in the financial markets under my belt, I have witnessed numerous cycles of bull and bear markets. My fascination with Avalanche (AVAX) began during its initial days when it was merely an intriguing L1 blockchain project. Now, watching AVAX navigate through a potentially significant shift in momentum has piqued my interest once more.
After experiencing prolonged periods of significant price decreases, Avalanche (AVAX) appears poised for an uptrend. At the moment of writing, AVAX is valued at $23.43. Notably, it has just surpassed a crucial resistance point at $22.80, suggesting a notable change in its daily chart structure.
As someone who has been closely following the cryptocurrency market for several years now, I must say that this recent move by AVAX has piqued my interest. Having witnessed the token’s steady decline since its peak in March, I can attest to the frustration and uncertainty that comes with such a prolonged correction. However, the strength that AVAX is now showing is a breath of fresh air for many investors like myself who have been patiently waiting for a turnaround. The attention it has garnered from analysts and experts in the field suggests that there may indeed be a bullish surge coming in the near future as the token recovers from its extended downturn. I am optimistic about AVAX’s prospects and eager to see how it performs in the coming months.
AVAX Correction Might Be Over
Over the past few months since March, Avalanche, my go-to crypto, has undergone a steep correction, losing more than 70% from its peak. Yet, numerous analysts are of the opinion that this prolonged downward trend might have come to an end, paving the way for a fresh surge in price.
Cryptocurrency expert and investor Dom from X has pointed out that AVAX‘s price movement falls within a distinct 6-month downward channel – a pattern typically linked with a bullish turnaround. As Dom explains, this reversal can only be verified when the bearish trendline breaks in larger timeframes.
Dom is keeping a close eye on the $25 mark as a crucial turning point. If AVAX consistently breaks through this level, it might indicate a more robust bullish trend and potentially spark substantial positive movement in its price.
With the L1 blockchain exhibiting indications of revival, analysts are growing more hopeful regarding its potential developments over the next few months. As the token trades near a significant benchmark, the market is attentively awaiting additional signals suggesting an upward trend might continue.
Before a rally can truly begin, it’s essential that the price encounters a significant point of market activity – a key liquidity level. Whether the price moves above or below this level will play a decisive role in predicting whether the current bullish trend continues or if we should expect more sideways movement.
Price Consolidation Around Key Level
At the moment, Avalanche is being traded at $23.43 and is encountering its 4-hour 200 exponential moving average (EMA), an important technical marker that hasn’t been touched since July 29. This EMA level is notable because it frequently functions as a resistance point in the market. If AVAX manages to maintain its position above this 4-hour 200 EMA, buyers could potentially target the next objective at $25.88, a crucial level that might further validate the upward trend.
If the price doesn’t manage to rise above its 4-hour 200 Exponential Moving Average (EMA), it may return to the previous peak at $22.80 as a possible level for further evaluation. The upcoming days are critical in determining AVAX‘s price trend, as investors will be keenly observing whether we see a lasting uptrend or a potential downturn instead. With positive momentum, there is a promising opportunity for future profits.
Cover image from Dall-E, charts from TradingView.
Read More
- USD ZAR PREDICTION
- SOL PREDICTION. SOL cryptocurrency
- SEILOR PREDICTION. SEILOR cryptocurrency
- EUR ILS PREDICTION
- CKB PREDICTION. CKB cryptocurrency
- TROY PREDICTION. TROY cryptocurrency
- AE PREDICTION. AE cryptocurrency
- NOTE PREDICTION. NOTE cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- Best JRPGs That Focus On Monster Hunting
2024-08-23 09:42