The cryptocurrency market since the beginning of the year 2022 has become more uncertain as popular cryptocurrencies are experiencing high volatility in both directions. The asset gains a considerable amount in value, but very quickly they tend to shed their gains.
And therefore dragging the value of the asset to the same levels as before. A similar scenario was seen with the price of Avalanche (AVAX), but to set itself apart from the other market trend, the asset is more poised to hit a 3-digit figure very soon.
AVAX price had been in a sizeable uptrend since the last days of January 2022, which held until the asset broke above monthly highs of $95.5. Here, the DeFi token had boasted of the consolidated uptrend to rally massively, but sadly the asset re-entered the parallel channel speculating a downtrend. But the recent sharp reversal of the downtrend on the last trading day manifested the asset’s strength.
Since then, AVAX price changed the downtrend after hitting the lows of $52.95 and maintained a noticeable uptrend. Interestingly, the asset ranged high to break through the important resistance levels between $87 and $89, but it turned out to be false.
However, without wasting any more time, the asset flipped hitting the lower support levels of the formed ascending triangle, which is considered as one of the most bullish indicators. Price is again testing the same resistance zone within the triangle and may eventually as buying pressure builds up to decent levels.
Avalanche price could break through these levels and eventually reach the upper and crucial resistance at $96. These are also the upper bands of the ascending triangle that can fuel the next uptrend which can help the price to reach a 3 figure. digits very soon.
Here, the asset needs to be very careful as the bears appear to be on their toes at this stage and may be ready to take their profits. AVAX price may see an interim pullback here, but it can hover around $100 firmly as the asset is poised to hit the ATH as soon as possible.
This post Avalanche(AVAX) Price Eye’s Up 20%, $100 Looks Achievable Today! – Coinpedia – Fintech & Cryptocurreny News Media
was published first on https://coinpedia.org/price-analysis/avalancheavax-price-eyes-at-a-20-upswing-100-appear-achievable-today%EF%BF%BC/
