- 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.
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