Avalanche Rally Halts! Here’s What Traders Can Expect Next For AVAX Price

Avalanche Rally Halts! Here’s What Traders Can Expect Next For AVAX Price

The post Avalanche Rally Halts! Here’s What Traders Can Expect Next For AVAX Price appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

The price of $AVAX, the native token of smart contracts platform Avalanche, has been hitting new all-time highs since yesterday, climbing up on the charts. The coin is seeing meteoric rises.

According to AVAX’s seven-day statistics, the altcoin has risen 33.6% in the last seven days and 76.5 percent in just two weeks. It has also increased by more than 133% in the last three months. AVAX has a year-to-date gain of 3,630 percent.

AVAX Price Analysis

Avalanche (AVAX) had joined the top 10 list coins leaving behind Shiba-Inu setting the new peak at $143. The long-term trend remains bullish; however, there might be a correction so that bulls can gain more strength for a further rise. 

The price of AVAX has not stopped rising since it turned resistance at $106 into support. The bulls have complete control of the market, and the momentum is really strong. The next major barrier level to examine is $160.

The altcoin hiked as high as $119.98 printing an ATH. After a brief decline, AVAX again started a rally and rose to a new all-time high of $144.96.  At the time of writing, it has corrected back to $131.78, major resistance on the upside is at $150. However, in case of decline major support is at $109.

Its Relative Strength Index RSI is bullish but is in an extremely overbought zone. Of the 14 moving averages, all of them are indicating a strong buy signal and two technical indicators are hinting at buy while three are showing a sell signal.

Since the start of the month, the RSI indicator traded in bullish. The sequence of lower peaks in the overbought region indicated a bearish divergence with respect to AVAX’s price action. Once selling pressure is depleted at 20-SMA and 50-SMA, traders can expect AVAX prices to hit $161.4 and $191.7.

On the flip side, if the price breaks below the 20-EMA, the selling pressure could come into play and the price may drop to $110.

Overall, it seems that AVAX price may enter the consolidation phase before moving above the $136-$137 range.

Also Read : Traders Watch Out These Levels For BTC, ADA, ETH and LTC This Week !

Catalyst For Avalanche Rally

Since Ava Labs CEO Emin Gün Sirer announced a partnership with the “Big Four” accounting firm Deloitte on Nov. 16, the AVAX price has been on a tear. Avalanche supporters also created a new fund named Blizzard earlier this month, which got a whopping $220 million in early funding from investors like Three Arrows Capital, Dragonfly Capital, and CMS Holdings.