Avalanche price prediction – Is a 12% AVAX rebound coming?
The post Avalanche price prediction – Is a 12% AVAX rebound coming? appeared on BitcoinEthereumNews.com.
The Avalanche price prediction supported a short-term bullish outlook. AVAX’s retracement could offer a great buying opportunity at $50. Avalanche’s [AVAX] recent pullback could offer a nice long position entry with a 12% potential gain. However, altcoin could offer great long- and short-term opportunities. From a broader perspective, AVAX was one of the top 100 tokens by market cap, which has lagged behind most of the major tokens with triple digits on YTD (year-to-date) returns. This could make it a better opportunity should it soar to its 2024 ($65) or 2021 highs ($147). Source: Source: AVAX/USDT, TradingView Based on historical trends, a decisive move above $60 could make $100 (2021 range high) reachable. Short-term AVAX prospect When zoomed in on the 4-hour chart, AVAX retracement was headed to key short-term support levels. Since late November, the trendline support and the dynamic 50-day EMA (Exponential Moving Average) have held AVAX’s dump. If the trend repeats, we can expect a bounce at these levels, providing a nice entry for a long position at $49.7. Source: AVAX/USDT, TradingView The area below the high at $49.8 can be the stop loss to preserve capital, meaning a drop below $48 would invalidate the long position. The short-term price momentum had weakened and could trigger a price reversal based on the oversold reading on Stochastic RSI. Besides, the above-average inflows, as shown by the CMF, supported the likely price rebound projection. Liquidity sweep at $50 That said, the early-week shake-out was driven by a liquidity hunt. According to Coinglass, AVAX had tapped the liquidity at $52 and went for the one below $50 (bright yellow levels) at press time. With no significant liquidity beyond the leveraged longs at $49.8, liquidation at these levels could trigger AVAX to reverse to the upside. Source: Coinglass Read Avalanche [AVAX]…
Filed under: News - @ December 9, 2024 11:26 pm