AVAX Price Prediction: Avalanche Bulls Are Just Getting Started

2023-11-17 05:27:38

AVAX price rallied over 50% and climbed above $22.50. The price might correct lower but there could be more upsides above $25.

AVAX price is showing a few positive signs above the $20 level against the US dollar.
The price is trading above $22 and the 100 simple moving average (4 hours).
There is a key bullish trend line forming with support near $20.50 on the 4-hour chart of the AVAX/USD pair (data source from Kraken).
The pair could continue to rise if there is a clear move above the $24.50 and $25.00 resistance levels.

AVAX Price Doubles In Value In Few Days

After forming a base above the $10.00 level, Avalanche’s AVAX started a major rally, outperforming Bitcoin and Ethereum. There was a clear move above the $15 and $20 resistance levels.

The price gained over 50% in the past few days and even cleared the $22.50 resistance. A new multi-week high was formed near $24.70 and the price is now consolidating gains. There was a minor decline below the $22.50 level.

The price declined below the 23.6% Fib retracement level of the upward move from the $15.59 swing low to the $24.70 high. However, the bulls were active above $20.00.

AVAX price is now trading above $22.00 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $20.50 on the 4-hour chart of the AVAX/USD pair. On the upside, an immediate resistance is near the $24.50 zone.

Source: AVAXUSD on TradingView.com

The next major resistance is forming near the $25.00 zone. If there is an upside break above the $24.50 and $25.00 levels, the price could surge over 20%. In the stated case, the price could rise steadily towards the $30 level.

Dips Limited in Avalanche?

If AVAX price fails to continue higher above the $24.50 or $25.00 levels, it could start a downside correction. Immediate support on the downside is near the $22.50 level.

The main support is near the $20.50 zone. A downside break below the $20.50 level could open the doors for a fresh decline towards $18. The next major support is near the $15.50 level.

Technical Indicators

4 hours MACD – The MACD for AVAX/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for AVAX/USD is now above the 50 level.

Major Support Levels – $22.50 and $20.50.

Major Resistance Levels – $24.50, $25.00, and $30.00.

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