• Fri. Jun 21st, 2024

Avalanche (AVAX/USD) To Break Past $70 Soon – Price Analysis 

Avalanche

 

  • Avalanche has exhibited bearish tendencies lately. 
  • The nearest resistance stands at $40.
  • The support barrier locates at $23.55. 

Avalanche price outlook shows the token on bearishness lately. The crypto has consolidated for some time following a massive rally to $40. Meanwhile, the 4hr chart shows a descending triangle formation developing. The setup will complete when AVAX breaks beneath the lower trend line. The breakout point stands at $23.55. And breaking below the level might trigger crashes to $16.80. Meanwhile, a break beyond the triangle pattern’s topside will see Avalanche rallying to $70.


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Avalanche was among the best-performing token in the marketplace over the past weeks. The altcoin climbed from a $5 low to $40 within weeks and is currently consolidating beneath the highs. The 4hr chart shows AVAX printed a descending triangle setup, meaning a bearish reversal formation for the alt.

Also, the token will complete the triangle setup with a break beneath the bottom trend-line, currently at $23.55. A move beneath this area will see AVAX hitting $16.80. Meanwhile, upside actions past the triangle’s topside trend-line will trigger a surge to $40.

The Relative Strength index stands near 50 with no breakout signals in either direction. The Moving Average Convergence Divergence stayed near the midline, not presenting any reliable trading signal.

AVAX 1Day Timeframe: Bullish Reversal Potentials

AVAX/USD price outlook shows the token in a consolidation phase, making it challenging to predict upcoming breakouts. Enthusiasts should wait for a decisive move before executing any position in Avalanche. According to the 1day chart, the alt has consolidated over the past couple of days. The prices hover inside the $23.55 – $40 range.


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The Relative Strength Index shows neutral markets as it hovers near the 50 mark. Also, the Moving Average Convergence stayed near the central line, offering no clear signals.

Final Thought

The market retains a bearish outlook, and the token remained in consolidative moves in the $23.55 – $40 range. Analysts believe the token could plummet to $16.80. Nevertheless, a break past the descending triangle setup’s upper trend-line will push AVAX to $40. Amplified bullishness amid improved broad market sentiment can see the token climbing towards the $70 value area.


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Kevin Moore - E-Crypto News Editor

Kevin Moore - E-Crypto News Editor

Kevin Moore is the main author and editor for E-Crypto News.