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Avalanche (AVAX) Is Preparing For A Rally: Market Data Shows

Sebastian Villafuerte
by Sebastian Villafuerte
1 year ago
·
Posted in Avalanche
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Avalanche (AVAX) shows signs of a potential rally after enduring months of aggressive corrections. Currently trading at $23.43 when writing, AVAX has recently broken past a critical resistance level at $22.80, confirming a structural shift in the daily timeframe.

Related Reading: Altcoin Season Looms – 3 Tokens to Watch Out For: Solana, Avalanche and DTX Exchange

This move marks a significant change in momentum for the token, which has experienced an ongoing correction since its all-time high in March. After a prolonged period of decline, AVAX is now displaying strength, catching the attention of analysts and investors alike. Many anticipate a bullish surge in the coming months as the token begins recovering from its extended downturn.

AVAX Correction Might Be Over

Since March, Avalanche has experienced an aggressive correction, shedding over 70% from its all-time high. However, many analysts believe this downward trend may have finally ended, setting the stage for a new rally.

Crypto analyst and trader Dom from X has highlighted AVAX’s price action within a clearly defined 6-month descending channel—a pattern often associated with a bullish reversal. According to Dom, such a reversal is only confirmed when the bearish structure breaks in higher timeframes.

AVAX descending channel 5th wave.
AVAX descending channel 5th wave. | Source: Dom on X AVAX/USDT 12H price chart on TradingView

Dom is closely watching the $25 psychological level as a critical point of confirmation. A sustained move above this level would signal a stronger bullish shift and could trigger significant upward momentum for AVAX.

As the L1 blockchain shows signs of recovery, analysts are increasingly optimistic about its prospects in the coming months. With the token trading around a key indicator, the market is closely watching for further confirmation of a bullish trend.

Related Reading: Bitcoin And Ethereum Are Priming For A Leg Up: Here’s Why

However, before a rally takes off, the price must test an important liquidity level. The outcome of this test will be crucial in determining whether the recent upward momentum can be sustained or if further consolidation is needed.

Price Consolidation Around Key Level

Avalanche is currently trading at $23.43 and is testing the 4-hour (4H) 200 exponential moving average (EMA), a key technical indicator that hasn’t been challenged since July 29. This level is significant as it often acts as a dynamic resistance in the market. If AVAX can consolidate above this 4H 200 EMA, bulls might aim for the next target at $25.88, a critical level that could further confirm the uptrend.

AVAX testing the 4H 200 EMA
AVAX testing the 4H 200 EMA after breaking past a local high. | Source: AVAX/USD chart on TradingView

However, if the price fails to close above the 4H 200 EMA, it will likely revisit the previous high at $22.80 as the next logical level to test. The coming days will be crucial in defining AVAX’s price action as the market watches closely for either a sustained rally or a potential pullback. With the right momentum, there’s significant potential for future gains.

Cover image from Dall-E, charts from TradingView.

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Sebastian Villafuerte

Sebastian Villafuerte

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies. As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community. To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology. Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance. Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

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