fxstreet.com
- Avalanche price is retesting a breached weekly trend channel.
- AVAX price fluctuates within a weekly supply zone.
- Invalidation of the bullish scenario is a dip below $64.
Avalanche price could be a profitable cryptocurrency for risk-taking traders. Traders should watch AVAX price closely to partake in a market bottom in the coming days.
Avalanche price is a hopeful chart watch
Avalanche price has been on analysts’ radar lately as the digital asset is retesting a breached weekly trend channel. The AVAX price looks synergistic with classic trading style methods. At the time of writing, the AVAX price is $80.17, hovering within a critical weekly supply zone yet above the weekly trend channel. Trading within smart money zones is never easy. Thus, traders can expect choppy price action in the coming days. AVAX price could be completing a long-term triangle formation, which could head towards $115 and potentially new all-time highs.
Avalanche price does have more space to fall according to the Relative Strength Index. The volume profile indicator does not provide substantial evidence of a clear change in the trend either. Thus there is no clear indication of a downtrend capitulation as of yet, but risky traders could begin dollar-cost averaging in with an invalidation at $64.75.
AVAX/USDT 3-Day Chart
If 64.75 were to get breached price could fall to $55, resulting in a 30% dip from the current AVAX price.