• AVAX price is likely to pull back after its 22% rally to the $25.83 support level, providing an opportunity for the next leg.
  • The retracement is key in determining if it investors should add more to their holdings or consider booking profits.
  • A daily candlestick close that flips the $25.83 level into a resistance barrier will invalidate the bullish thesis.

AVAX price shows no signs of stopping as it bounced off a stable support level on August 2 and triggered a massive run-up. This move seems to have reached an upper limit for now and is likely to pull back a little. 

AVAX price remains unfazed

AVAX price surged 32% between July 26 and July 30, creating a range, extending from $19.54 to $25.83. This massive move retraced to the range’s midpoint at $22.68 over the next two days, forming a base for the next leg-up.

Soon enough, AVAX price kick-started its next ascent to the first target at $28.17. As investors continue to book profits, the uptrend is likely to exhaust a little, leading to a potential retracement to $25.83.

If this move shows strength after a pullback and holds above the aforementioned level, investors can bid here and expect the next target at $30.25 to be tagged. In total, this move would constitute a 17% ascent and is likely where the upside is capped for AVAX price.

AVAX/USDT 1-day chart

AVAX/USDT 1-day chart

While the outlook for AVAX price is bullish, without a doubt, investors need to pay close attention to the upcoming pullback. A retest and hold of the $25.83 support level will be a positive development.

However, if AVAX price produces a daily candlestick close below the aforementioned level, flipping it into a resistance level, it will invalidate the bullish thesis and potentially trigger a deeper pullback to 23.93 or $22.68.

 


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


Recommended Content

Editors’ Picks

Ripple's XRP holds symmetrical triangle support as SEC acknowledges Bitwise XRP ETF filings

Ripple's XRP holds symmetrical triangle support as SEC acknowledges Bitwise XRP ETF filings

Ripple's XRP is down 3% on Tuesday despite the Securities and Exchange Commission (SEC) acknowledgment of Bitwise XRP ETF. Unchained Crypto noted that XRP ETF could underperform due to key fundamental issues.

More Ripple News
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP could decline on FTX repayments pressure

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP could decline on FTX repayments pressure

Bitcoin (BTC) price has been consolidating between $94,000 and $100,000 for two weeks. Ethereum (ETH) and Ripple (XRP) faced a pullback earlier this week. BTC, ETH and XRP prices could decline further as FTX repayments could raise selling pressure.

More Cryptocurrencies News
Bitcoin stretches losses as CME premiums dip, Strategy aims to purchase $2 billion worth of BTC

Bitcoin stretches losses as CME premiums dip, Strategy aims to purchase $2 billion worth of BTC

Bitcoin (BTC) continued its downward trend on Tuesday as K33 Research's weekly report indicated growing declines in BTC CME premium and yields. BTC has shown a directionless movement since the presidential election, which suggests waning interest among investors.

More Bitcoin News
How will Dogecoin price react to Elon Musk investigating the US SEC?

How will Dogecoin price react to Elon Musk investigating the US SEC?

Dogecoin price hit $0.25 on Tuesday, plunging 10% in 48 hours as the market reacted to regulatory squabbles between Elon Musk-led D.O.G.E and the US SEC.

More Dogecoin News
Bitcoin: BTC consolidates before a big move

Bitcoin: BTC consolidates before a big move

Bitcoin price has been consolidating between $94,000 and $100,000 for the last ten days. US Bitcoin spot ETF data recorded a total net outflow of $650.80 million until Thursday.

Read full analysis
The Best Brokers of the Year

The Best Brokers of the Year

SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.

Read More

BTC

ETH

XRP