Analyst Predicts AVAX Breakout: Is $30 The Next Target? - ADVFN

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Name	Symbol	Market	Market Cap ($)	Algorithm
Avalanche	AVAXUSD	Crypto	14,917,255,920	Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.180	0.49%	36.70	36.70	36.71

High Price	Low Price	Open Price	Prev. Close	52 Week Range
36.97	36.37	36.56	36.52	17.28 - 65.38

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	04:41:11	0.676000	36.70	USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,832,858.08	49,989.32	AVAX	AVAXEUR	AVAXGBP	AVAXBTC

Analyst Predicts AVAX Breakout: Is $30 The Next Target?

15/09/2024 6:00am

NEWSBTC

Avalanche (AVAX) is trading around $25 after a 10% surge since last Thursday, as the broader crypto market shows signs of recovery. Bitcoin and most altcoins are trending up from their yearly lows, with AVAX at a critical price level that could shape its price action in the weeks ahead. Related Reading: Solana (SOL) Faces Serious Risk After Failing To Close Above Key Level – Details Analysts and investors are closely monitoring the situation, predicting significant volatility for Avalanche. Many are calling for a potential change in trend, with some projecting a sharp and aggressive rally if AVAX can break its weekly bearish structure. However, this volatility could also lead to downside risks if key support levels are lost. The next few days will be crucial in determining whether AVAX can capitalize on the market momentum or face more turbulence. Avalanche Change Of Trend Will Lead To Higher Prices The market is at a turning point, as previously fearful investors are starting to feel encouraged by recent price action. Avalanche (AVAX) has surged by 25% from its local lows since September 6 and is now trading at a key level that could determine its price direction for the coming months. This crucial level has caught the attention of analysts and investors alike, particularly one prominent analyst, Daan, who shared his technical insights on X. In his analysis, Daan points out a well-defined bearish channel that has held AVAX in a downtrend for several months. However, AVAX is now attempting to break out of this descending channel, a move that could signal the end of its bearish phase. If AVAX successfully breaks the $25 resistance level, Daan predicts the price could quickly move toward $28. This break would represent a significant shift in the short- to mid-term trend, potentially flipping market sentiment and setting the stage for more upside. Related Reading: Cardano (ADA) Whales Securing Gains After 10% Upswing: What’s Next? A successful breakout would likely ignite a fresh wave of buying pressure, with analysts projecting an aggressive rally toward $30 or higher in the coming weeks. The next few days will be crucial, and any failure to break resistance could see AVAX fall back into the bearish channel, retesting lower support levels. AVAX Price Action: Key Levels To Watch AVAX is trading at $25.04 after a 4-hour uptrend, marked by higher highs and higher lows. This positive movement followed a break past the 4-hour 200 exponential moving average (EMA), which AVAX successfully tested as support last Thursday, signaling short-term strength. This move has encouraged bullish sentiment among traders. The following key challenge for AVAX is to break through the $28 resistance level. Doing so would confirm a more significant uptrend and signal a change in structure on higher timeframes, potentially setting the stage for even higher prices in the coming weeks. Related Reading: Is Chainlink (LINK) $12 Breakout Imminent? Data Reveals A Rising Open Interest However, if AVAX fails to maintain its position above the 4-hour 200 EMA, currently at $23.5, the price could experience volatility or a deeper correction, with lower demand levels likely being tested. Featured image from Dall-E, chart from TradingView

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