Avalanche’s Price Trajectory: Will AVAX Outstrip Its 52-Week High? Here’s why This Analyst Thinks So
Crypto traders Trader_XO and Crypto Joe have shared their insights and analyses on the price action of Avalanche (AVAX), a leading Layer 1 blockchain ranked 10th by market capitalization. While Trader_XO delved into the technical patterns and support/resistance levels on AVAX’s chart, Crypto Joe highlighted the coin’s quality and potential for a significant upside move, making a case for including it in one’s crypto portfolio.
What you'll learn 👉
Trader_XO’s Technical Analysis
Trader_XO’s daily chart analysis revealed AVAX’s price action contained within an ascending channel, suggesting an overall uptrend. However, the retracement lately from the highs signaled a potential short-term downtrend or reversal. Crucial support levels were identified, including a previous resistance zone (marked by a grey box) that now serves as a critical support area for price stabilization or a potential bounce.
Notably, Trader_XO pointed out the higher lows (HL) within the uptrend, where the price rebounded after retracements, creating a stair-like pattern upwards along the ascending support line of the channel. The most recent candles showed a sharp decline, breaking below the grey support zone and nearing the lower boundary of the ascending channel, marking a critical juncture for traders monitoring the uptrend’s sustainability.
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Show more +Crypto Joe’s Bullish Outlook
Moreover, Crypto Joe highlighted AVAX as a “quality coin” to consider adding to one’s crypto portfolio. He cited its status as a Layer 1 blockchain, its current ranking of 10th by market capitalization, and its recent 52-week high of $65.25. Notably, Crypto Joe expressed optimism about AVAX’s potential for a 40% or more upside once it retests and breaks out from its 52-week high.
According to data from CoinGecko, the price of Avalanche (AVAX) stood at $47.61 as of the time of this analysis, representing a 0.95% increase in the last 24 hours.
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