Why investors must keep AVAX price on their watchlists this week
|- Avalanche’s AVAX price could be setting up for a 50% rally.
- AVAX price is showing bullish re-entrance on the volume indicator.
- Invalidation of the bullish thesis is a breach below $21.25.
AVAX price displays newfound bullish momentum to start this week’s trading session as the bulls have printed a significant engulfing on the six-hour chart.
AVAX price is poised for gains
AVAX price currently trades at $27, an optimistic 10% above last week’s settling price. It has been mentioned in previous outlooks that Bitcoin price would need to find support above the $30,000 level for the crypto market to regain strength. On Monday, Bitcoin price trades at $31,500, which could be a subtle indication for long-term investors to begin a dollar-cost average approach to popular altcoins.
AVAX price shows bullish confluence on the Volume Profile as there seems to be a resurgence of bulls. If market conditions persist, several gaps established since the May 12 sell-off could begin getting filled. Ultimately, the $42 zone could be the final stop for swing trading capitalists.
AVAX/USDT 6-Hour Chart
Invalidation of the bullish thesis is a breach below the swing lows at $21.25. AVAX price should under no circumstances revisit these levels in the coming weeks. If the bears manage to accomplish said price action, a decline to $18 could occur, resulting in a 30% decrease from the current Avalanche price.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.