AVAX Price Prediction: Avalanche Could Zoom 20% Like SOL and LINK
Key Takeaways:
AVAX price is signaling an upside break above the $10.20 resistance.
A clear move above $11.85 on the daily chart could send Avalanche toward $13.80.
The current price action is like SOL and LINK, suggesting a possible 20% rally.
NEW DELHI (CoinChapter.com) — Avalanche (AVAX) is moving higher above $10.50 and $11.00. The bulls seem to be in control, and they might aim for a surge toward $13.80.
AVAX Price Prediction Rally: The Rally Is Just Getting Started
In the past few days, there was a decent recovery in AVAX from the $8.65 support zone. A double bottom pattern was formed near $8.65 before the price started a fresh increase.
During the increase, there was a move above a key bearish trend line with resistance near $9.15 on the daily chart. It opened the doors for a 10% move above the 50% Fib retracement level of the main decline from the $11.84 swing high to the $8.66 low.
Avalanche price is now trading comfortably above the 50-day simple moving average (blue) and $10.50. It seems like AVAX could be the next one to pump like SOL and LINK.
The current price action is indicative of a strong bullish breakout above the $11.20 level. On the upside, immediate resistance is near the last swing high at $11.85. A close above the $11.85 resistance could set the tone for a fresh surge.
In the stated case, AVAX might rally over 20% and minimum test the $13.80 level. It is close to the 1.618 Fib extension level of the main decline from the $11.84 swing high to the $8.66 low. The next major resistance is near the $15.00 level. Any more gains might open the doors for a move toward the $17.80 resistance.
Another Drop in AVAX?
Conversely, AVAX might fail to continue higher above the $11.84 resistance. Initial support is near the $10.50 level. The first major support is now forming near the $10.00 level, below which the price could test the 50-day simple moving average (blue).
If the bulls fail to protect a close below the 50-day simple moving average (blue), the price might decline heavily. In the stated case, it could revisit the $8.65 support zone.
Overall, AVAX price is gaining pace above the $11.20 level. The current price action is positive, suggesting a decent rally toward $13.00 and $13.85. If not, there could be a fresh bearish wave toward the $10.50 zone or even $9.75.
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Filed under: Bitcoin - @ October 30, 2023 10:20 am