Avalanche’s AVAX price could make a run towards $40, here’s how
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- AVAX price has risen 35% since the June 11 lows at $13.71.
- Avalanche price shows bullish interest on the volume indicator.
- Invalidation of the downtrend is a breach below 13.71.
Avalanche’s AVAX price could start moving violently towards $30. Traders should keep their eyes on the digital gaming token to partake in a short-term bull-run.
AVAX price looks ready for a counter-trend move
Avalanche’s AVAX price shows newfound interest as the bulls have managed to rally 35% since the June 11 lows at $13.71. Bears anticipating more sell-offs could find themselves on the wrong side of the trade as the crypto market is showing signs of a reversal in the future.
AVAX price currently trades at $19.44 as profit-taking at the psychological $20 level is expected. If the rally is genuine, the smart money could begin sending the Avalanche price towards $30 to breach previous resistant zones. The Relative Strength Index provides a bullish divergence between wave three and the short-lived wave five on the nine-hour chart. This subtle piece of evidence could be the only justification for a bullish surge in retrospect.
AVAX/USDT 9-Hour Chart
Invalidation of the bullish thesis is a breach below the June 11 low at $13.71, providing a 3-1 risk-to-reward ratio. If the bears manage to breach $13.71, expect a fall to $10, resulting in a 45% decrease from the current AVAX price.
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