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    Home » Price Analysis » Avalanche Price Analysis: AVAX Explodes to New ATH, What’s the Next Target?

    Avalanche Price Analysis: AVAX Explodes to New ATH, What’s the Next Target?

    Author: Duo Nine

    Last Updated Nov 21, 2021 @ 16:21

    Avalanche (AVAX) broke the resistance at $106 and was propelled into a very strong rally, setting new highs on a daily basis.

    Key Support levels: $106

    Key Resistance levels: $160

    After AVAX turned the previous resistance at $106 into support, the price has not stopped moving higher. The momentum is very strong, and bulls have full control of the market. The next key resistance to consider can be found at $160.

    img1_avax
    Chart by TradingView

    Technical Indicators

    Trading Volume: The break of resistance happened on good volume. However, the current increase in price appears to happen with a decreasing volume. This is not ideal, but the momentum remains in favor of the bulls, at least for now.

    RSI: The RSI on the daily timeframe is above 80 points which indicates a strong bullish presence. Nevertheless, it’s important to be careful because if the RSI reaches over 90 points and into oversold territory, this might present an issue.

    MACD: The MACD on the daily timeframe is bullish with moving averages that are expanding and a histogram that is making higher highs. So long as this continues, there is very little to stop AVAX from going higher.

    img2_avax
    Chart by TradingView

    Bias

    The bias for AVAX is bullish and will remain so until the price faces some resistance.

    Short-Term Price Prediction for AVAX

    AVAX has surprised the market with this breakout, considering the correction in BTC and ETH. Therefore, there’s a lot of attention towards the cryptocurrency, and this might propel it to go higher. A tentative target at this time is $160, where the situation needs to be reassessed based on the market’s reaction.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Avalanche (AVAX) Price
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    About The Author

    Duo Nine
    More posts by this author

    Duo Nine is a seasoned cryptocurrency technical analyst with over five years of experience in price action trading. After buying his first Bitcoin in 2014, Duo never left the blockchain ecosystem. You will find him posting charts most of the time and hanging out on his Discord crypto community. Contact: Twitter

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