- AVAX price is bouncing off a plethora of moving averages serving as support around the $18.1 level.
- Based on price action, a move to $21.47 seems likely as long as the mentioned support level holds.
- On the other hand, if the moving averages cluster breaks down, Avalanche investors can expect an 18% downswing to $14.75.
AVAX price is at a stable level, but that could change soon on a potential run-up to crucial levels. However, this outlook is contingent on the fact that the cluster of support indicators around $18.1 holds. A failure there, on the other hand, could result in a steep correction.
AVAX price is at a junction
AVAX price has flipped the $18.26 hurdle into a support floor, and with it, the cluster of 50 and 200 Exponential Moving Averages (EMAs). This bunch of indicators is especially important to where Avalanche moves next.
Assuming AVAX price bounces off this level, investors can expect a 10% bounce to retest the 200 four-hour MA at $20.01. If buyers continue to step in and flip the aforementioned level, Avalanche will retest the $21.47 hurdle.
In total, this move would constitute a 17% gain.
AVAX/USDT 4-hour chart
While this bounce seems plausible and likely to occur, it is dependent on two things – the Bitcoin price recovering and continuing to bounce and the cluster of moving averages at $18.26 holding.
However, if AVAX price fails to do so and flips the $18.26 support floor into a hurdle, investors can expect Avalanche bears to take over and knockdown Avalanche price. This development could see AVAX price crash 12% to $15.97, allowing market makers to collect the liquidity resting below this level.
In some cases, AVAX price could reach for a revisit of the $14.75 support floor.
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
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high
Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines.
TON set to launch synthetic Bitcoin to boost its DeFi solutions
TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.
Maker Price Forecast: MKR could stage 40% rally
MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.
USDT market cap crosses $120 billion as stablecoins continue their uptrend
The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
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.