Avalanche (AVAX) Ready To Target $28: Investors Expect A Reversal
09 Setembro 2024 - 10:00AM
NEWSBTC
Avalanche (AVAX) is gaining bullish momentum after days of
uncertainty and fear in the market. Following a sharp decline, AVAX
has surged more than 18% since hitting a low of $20.5 on September
6 and is now showing signs of strength as it flirts with higher
prices. Related Reading: Can AVAX Reclaim $30? Top Analyst
Predicts A Dip Before A Bounce This recovery has sparked optimism
among top investors and analysts, many of whom are positioning
themselves for the next potential rally. Analysts share their views
on social media, suggesting that AVAX could soon target even higher
levels, with an optimistic target above $28. This shift in
sentiment marks a significant change from the previous bearish
outlook as AVAX continues attracting attention from retail and
institutional players. As the market evolves, all eyes are on
Avalanche to see if it can maintain this bullish momentum and reach
new price levels. Avalanche Showing Strength In Higher Time Frames
Avalanche (AVAX) has been one of the most affected altcoins over
the past few months, enduring a 73% decline from its March highs.
Despite this significant drop, top analysts and investors are now
predicting a reversal, with many expecting a swift recovery for
this Layer-1 blockchain. One of the leading voices is Daan, a
prominent crypto trader and investor, who recently shared his
analysis of AVAX’s price structure on X. He highlighted that AVAX
has established a higher low, which could signal the beginning of a
bullish trend if it breaks past the key $28 resistance level.
According to Daan’s analysis, this break would indicate a shift in
market structure from bearish to bullish. If the price moves beyond
$28, it could quickly target the low-$30 price range. Should AVAX
reclaim these levels, investors could anticipate an aggressive
upward move as demand builds, similar to the momentum seen in last
year’s October-November surge. Daan also noted that such a move
could lead to an influx of buyers, creating substantial demand that
would further drive the price higher. Related Reading: Cardano
(ADA) Rally Brewing? On-Chain Metrics Suggest Investors Optimism
With growing optimism around AVAX, traders are watching closely for
a potential breakout. Many see the $28 level as the critical point
determining whether AVAX can sustain this upward momentum and
potentially initiate a new rally. AVAX Price Action AVAX
trades at $23.82, following an 18% surge from local lows. The price
has recently moved above the 4-hour 200 exponential moving average
(EMA) at $23.23, a critical strength indicator in shorter time
frames. A sustained uptrend could form in the short term when the
price is above this level and maintained as support. This shift has
sparked renewed optimism among traders and investors. For bulls to
maintain control and continue pushing AVAX higher, the price must
break past the local high of $28.01. A successful move above this
resistance could lead to further upward momentum, potentially
targeting higher price ranges in the days ahead. However, if AVAX
fails to break above this key resistance level, the price may face
a pullback, likely retesting the lower demand zone near $20, which
has served as strong support during recent corrections. Related
Reading: Why Is Ethereum (ETH) Losing Ground To Bitcoin? Key Report
Explains ETH Struggles This price action is being closely watched,
as it could determine whether AVAX continues its recovery or faces
another downturn. Investors are waiting to see if AVAX can break
through resistance and start a stronger rally. Featured image from
Dall-E, chart from TradingView
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