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Avalanche’s AVAX price could shock sleeping bulls, here's why


www.fxstreet.com 21 June 2022 01:04, UTC
Reading time: ~2 m

  • Avalanche price trends upwards in a straight decline. 
  • AVAX price may have printed the final 5th wave low at $13.70.
  • Invalidation of the bearish downtrend is a breach of $22.14.

Avalanche’s AVAX price could shock traders as the price has a possibility to continue much higher.

Avalanche price could head north

Avalanche’s AVAX price is pulling off a bullish performance worthy of praise amidst this challenging crypto market. Since the weekend, the layer 2 gaming token has successfully recovered 33% of lost ground following the devastating crash to $13.70. When analyzing the technicals, one can fit a 5-wave impulse into the $13.70, which justifies the bulls who entered the market early to partake in the profitable opportunity.

Avalanche price currently trades at $17.02. If the Monday swing low at $14.23 can hold, smart money should have no problem reaching $20 for an additional 17% increase. The Relative Strength Index confounds the counter-trend bullish idea as bullish divergence is shown between the last two drops marked waves 3 and 5. If the technicals are correct, a breach above the most recent swing high at $18.49 should be enough to propel AVAX price into ideal bullish territory.

tm/avax/6.21.22

AVAX/USDT 9-Hour Chart

Invalidation for the current downtrend is a breach above $22.14. If this level gets breached, traders can join a pullback and target the $35 level resulting in a 100% increase from the current AVAX price. 

https://www.youtube.com/watch?v=PQTabcyeva4&t=5s


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