Can Avalanche (AVAX) Reclaim $30? Top Analyst Predicts A Dip Before A Bounce
03 Setembro 2024 - 9:00PM
NEWSBTC
Avalanche (AVAX) is currently trading at a crucial level after a
24% retrace that began last week. The crypto market is experiencing
extreme fear and uncertainty, with most altcoins hovering near
yearly lows. Analysts and investors closely monitor AVAX’s price
action as the market remains volatile. Related Reading:
Avalanche (AVAX) Consolidation Continues As Funding Rate Signals
Possible Market Shift Top analyst and trader Kaleo has shared his
insights, predicting AVAX may dip further before a recovery occurs.
This forecast has caught the attention of many, given the current
market conditions and the pressure AVAX faces. The coming
days will be pivotal in determining whether AVAX can find support
and begin its recovery or if it will continue to decline along with
other altcoins. As the situation unfolds, the stakes are high for
both short-term traders and long-term investors. Avalanche Holding
Above $20 Avalanche (AVAX) has entered a consolidation phase after
experiencing aggressive corrections, resulting in a staggering 73%
loss in its price since March. This significant drawdown has
captured the attention of many analysts and investors, who are now
closely monitoring AVAX’s next moves. Among them is top analyst and
investor Kaleo, who has shared a detailed analysis of X, drawing
comparisons between the current price structure of AVAX and its
performance in 2021. That year, AVAX witnessed a substantial pump,
followed by a massive correction, before embarking on an explosive
rally that propelled it to new all-time highs. Kaleo suggests that
a similar pattern could unfold now, indicating that AVAX might be
on the brink of a new uptrend. His analysis shows that AVAX is
expected to dip to the low $20 level before starting a strong
recovery. Related Reading: The Curse Of September: Is Another
Massive Bitcoin Sell-Off Coming? Kaleo’s prediction appears to be
holding, as AVAX has managed to stay above the critical $20 support
level. This resilience suggests potential strength and indicates
that the next target could be the $30 mark if the current support
is maintained. Investors are watching these levels closely, as they
could signal the beginning of a significant upward move for AVAX
shortly. AVAX Technical Analysis Avalanche (AVAX) trades at $22.22,
following a modest 4% bounce from the $21.17 low set on Sunday. For
bullish momentum to build, AVAX needs to reclaim the 4-hour 20
moving average (MA) at $23.75. This level is a crucial indicator of
short-term strength, as it often marks the transition to a more
consistent pattern of higher highs and higher lows when the price
stays above it. A sustained move above $23.75 could set the stage
for AVAX to target the critical $30 level. Breaking through $30 is
essential for reversing the current bearish structure, as it would
likely trigger a more rapid recovery. Related Reading: Ethereum
(ETH) Struggles To Break Past $2,600: What’s Driving ETH Down?
However, if AVAX fails to hold above $20, it could signal further
downside potential. The price may seek lower demand levels in such
a scenario, with $17 as the next significant support. Featured
image from Dall-E, chart from TradingView
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