- Avalanche price’s consolidation period will likely initiate a 24% climb to $32.00.
- The AVAX community is looking forward to a Web3-themed hackathon in Seoul.
- A break above a descending parallel channel would bring Avalanche closer to the challenging resistance at $25.
Avalanche price is once again in the preludes of a significant bullish breakout after holding support at $22.50. The token got rejected from robust seller congestion at $25.00, cutting short a market-wide rebound orchestrated in the last week of July. AVAX will need to rise above a short-term descending parallel channel to trigger a 24% climb from the neckline of an inverse head-and-shoulders (H&S) pattern.
What are the odds of Avalanche price climbing to $32.00?
In cultivating a bullish reversal from the decline in the last few months, Avalanche price tested resistance at $25 twice without breaking it. A mild price drop between July 22 and 26 formed an inverse H&S pattern, which, if confirmed, may propel AVAX 24% higher to $32.00.
Nevertheless, Avalanche price will have to meet a couple of parameters for the impending breakout to succeed. First, a break above the descending parallel channel would give the token the necessary impetus to slice through the hurdle at $25.00 (neckline resistance). Secondly, AVAX must hold above the 50-day Simple Moving Average (SMA) to avoid a possible bearish correction to support areas highlighted at $22.50 and $19.50.
AVAX/USD eight-hour chart
According to on-chain data from Santiment, discussions surrounding Avalanche increased significantly between July 26 and August 3. The illustration below shows a massive spike in its Social Volume metric – a bullish indication – while AVAX price prepares to move north of its support at $22.50.
Avalanche Social Volume
The expected run-up to $32.00 has a good chance of materializing if investor interest in the project keeps surging. Moreover, Avalanche’s upcoming hackathon in Seoul will bring together some of the best minds in Web3, including but not limited to Mark Shim, the general partner at Rok Capital and Tracey Bowen, founder of H.E.R DAO.
As the community warms up to the event scheduled between August 11 and 12, Avalanche price may take advantage of the hype to make headway to $32.00, as forecasted.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Litecoin Price Prediction: LTC tries to retake $100 resistance as miners halt sell-off
Litecoin price grazed 105 mark on Monday, rebounding 22% from the one-month low of $87 recorded during last week’s market crash. On-chain data shows sell pressure among LTC miners has subsided. Is the bottom in?
Bitcoin fails to recover as Metaplanet buys the dip
Bitcoin price struggles around $95,000 after erasing gains from Friday’s relief rally over the weekend. Bitcoin’s weekly price chart posts the first major decline since President-elect Donald Trump’s win in November.
SEC Commissioner Hester Pierce sheds light on Ethereum ETF staking under new administration
In a Friday interview with Coinage, SEC Commissioner Hester Peirce discussed her optimism about upcoming regulatory changes as the agency transitions to new leadership under President Trump’s pick for new Chair, Paul Atkins.
Bitcoin dives 3% from its recent all-time high, is this the cycle top?
Bitcoin investors panicked after the Fed's hawkish rate cut decision, hitting the market with high selling pressure. Bitcoin's four-year market cycle pattern indicates that the recent correction could be temporary.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.