Avalanche (AVAX) price falls for the second day on Friday. AVAX price failed to hold on to Thursday’s high, losing 18% in two days. Investors expect a 15% retracement towards $0.68 if bearish sentiment continues. However, the current price trend suggests that AVAX could use the current retracement as a basis for its next move up.
The price of Avalanche (AVAX) fell during the late trading session in the US on Friday. Investors are managing to stay above the critical USD 80 level. AVAX posted nearly 85% gains from January lows.
At the time of writing, AVAX/USD is trading at $84.98, down nearly 4%. The 24-hour trading volume stands at $1,419,047,712 with over $22 losses.
AVAX is looking for the next step
On the daily chart, the price of Avalanche (AVAX) is up more than 80% from the low of $53 reached in late January. The price action is forming a rising wedge pattern, which is a bearish continuation pattern.
Source: Trade View
That’s a twist, as the expansion of the AVAX formation has the potential to rise further by 37% from current levels. A closer look at how the price performed within the channel reinforces the near-term bullish bias for the pair.
Taurus has found new buying opportunities as AVAX price tests the lower trendline of said formation on each retracement.
Now AVAX/USD is comfortably positioned above the 20-day Simple Moving Average (SMA) of $80.00, coinciding with the current price drop.
We expect the price to respect the reliable support level and clear the initial resistance threshold at $103 followed by the final target of $110.0.
Alternatively, not holding $80.0 on a daily close basis would invalidate the bullish theory. The first downward target was found at $70.0.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) falls below the average line. Still reads at 50 though, which makes Taurus hopeful.
MACD: The moving average convergence divergence (MACD) is above the midline. Any rise in the indicator would benefit long holders.
Disclaimer
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
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This post Avalanche (AVAX) Price Prediction: AVAX Aims at $110.0, Its Bad Days Are Over!
was published first on https://coingape.com/markets/avalanche-avax-price-prediction-avax-aims-for-110-0-are-bad-days-over/
