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Avalanche Price Analysis - AVAX Continues Impressive Run Being Only Coin to Buck Downtrend This Week

source-logo  coincodex.com 21 September 2021 16:31, UTC

Key highlights:

  • Despite a huge hacking attempt today, AVAX is still up by 4% to stay above $60
  • The cryptocurrency recently found resistance at $70 but found support yesterday at $55 (20-day MA)
  • Against Bitcoin, AVAX struggled to break resistance at ₿0.0015 but found major support at ₿0.0013 (.236 Fib)
Avalanche price $62.5
Key AVAX resistance levels $65, $70, $74, $75, $78.70
Key AVAX support levels $55, $40, $49, $45, $44

*Price at the time of publication


Avalanche seems to be handling the recent market capitulation much better than other coins in the crypto top 100. It is one of the few cryptocurrencies that has recorded gains over the past 7-days of trading, in which it is up by around 24%. The closes competition right now is Cosmos.

The project recently disclosed a $230 investment round that was led by big venture capitalists in the industry such as Polychain and Three Arrows Capital

? BIG News ?@Polychaincap and Three Arrows Capital led a $230M investment in the #Avalanche ecosystem to support growth of the platform.https://t.co/T141NFEoIG

— Avalanche ? (@avalancheavax) September 16, 2021

Since launching in September 2020, Avalanche has already managed to gather around 270 projects building on top of its own blockchain. Recently, one of these projects called Vee Finance suffered a $35 million hack. The hacker was able to steak around 8,800 ETH and around 214 BTC from the protocol’s trade contracts.

Despite the hack, the overall Avalanche ecosystem continues to remain strong as it bucks the entire downtrend the industry is facing. 

AVAX has now climbed into the top 11 ranked projects as it currently holds a market cap value of around $14 billion.

Let us take a look at the AVAX markets and highlight some areas of support and resistance moving forward.

Avalanche (AVAX) price analysis

What has been going on?

Taking a look at the daily chart above, we can see that AVAX recently set a new ATH price above $75 over the weekend. The cryptocurrency had started to surge since the end of July when it managed to find support at around $10. From there, AVAX started to slowly grind higher until mid-August, when it truly took off by exploding past $20 and reaching as high as $55.

The market would then go on to pull back at the end of August to hit the support at $40. It dipped even further in the first few days of September until support was found at $35.

By mid-September, AVAX had already managed to take out the August highs as it reached as high as $65. In the very recent week alone, AVAX managed to create a new ATH price above $75. More specifically, AVAX could not close a daily candle above $70.

In yesterday’s market crash, AVAX fell from $70 to reach the support at $55, provided by the 20-day MA. It bounced from there today as it looks to make its way back toward $65.

The fact that AVAX has managed to buck the industry’s downtrend is quite an achievement. While the overall market sinks, AVAX has managed to create a new all-time high, showing its strength currently within the market. 

Avalanche price short term prediction: Bullish

AVAX is certainly bullish right now. The cryptocurrency would need to drop beneath $35 to turn neutral again. It would have to continue further beneath the support at $25 (200-day MA) to be in danger of turning neutral in the short term.

If the sellers do push lower, the first support lies at $60 (.382 Fib Retracement). This is followed by support at $55 (.5 Fib Retracement & 20-day MA), $50, $49 (.618 Fib Retracement), and $42.50 (.5 Fib Retracemetn & 50-day MA).

Beneath $40, additional support lies at $34.70 (.618 Fib Retracmenet & 100-day MA), $30, and $25 (200-day MA).

Where is the resistance toward the upside?

On the other side, the first solid resistance lies at $65. This is followed by $70, $73.65 (1.414 Fib Extension), $78.70 (1.414 Fib Extension - purple), $80.33 (1.618 Fib Extension - blue). 

Beyond $80, additional resistance lies at $85.45 (1.618 Fib Extension - puple), $87.70 (1.414 Fib Extension - blue), and $90.

AVAX/BTC price analysis

What has been going on?

The situation is very similar for AVAX against BTC. The cryptocurrency recently set a new all-time high price at around ₿0.0016. More specifically, it is struggling to produce a daily closing candle above ₿0.0015 but recently found support at ₿0.0013 (.236 Fib Retracement). 

The latest attempt to break above ₿0.0015 looks quite promising but only a daily closing candle above the current range will dictate the next direction for AVAX. For the market to continue upward beyond $70, AVAX will certainly have to break above the resistance at ₿0.0015.

AVAX/BTC price short term prediction: Bullish

AVAX is bullish against BTC. The coin would now need to fall beneath ₿0.00094 (50-day MA) to turn neutral in the short term. It would then need to continue further beneath ₿0.0006 (200-day MA) to be in danger of turning bearish in the short term.

If the sellers push lower, the first support lies at ₿0.0013 (.236 Fib Retracement). This is followed by added support at ₿0.0012 (20-day MA), ₿0.0011 (.382 Fib Retracement), and ₿0.001. 

Beneath ₿0.001, additional support is expected at ₿0.0094 (.5 Fib Retracement & 50-day MA), ₿0.0008 (.618 Fib Retracement), and ₿0.007.

Where is the resistance toward the upside?

On the other side, the first resistance lies at ₿0.0015. This is followed by ₿0.0016, ₿0.00168 (1.618 Fib Extension), ₿0.0017, and  ₿0.0017. 

Additional resistance is then located at ₿0.0018, ₿0.00185 (1.272 Fib Extension), ₿0.0019, ₿0.00197 (1.414 Fib Extension), and ₿0.002.

coincodex.com