In an analysis, Morecryptoonline (@Morecryptoonl) unveiled a thought-provoking chart detailing their projections for AVAX. According to the analyst, the current price action could be forming wave (2) of (c) within the broader Elliott Wave pattern.
What you'll learn 👉
The Elliott Wave Theory
Applying the Elliott Wave Theory, a technical analysis approach that identifies recurring price patterns, Morecryptoonline’s chart depicts an initial uptrend marked by impulsive waves from (1) to (5). Subsequently, the market appears to have entered a correction phase, represented by the A, B, and C waves.
Significantly, the analyst suggests that a break below the designated upper support zone could signal a deeper pullback. This scenario aligns with either the alternative wave (b) in yellow or wave ii in white.
Fibonacci Retracement Levels: Potential Support and Resistance
Moreover, the chart incorporates Fibonacci retracement levels, a widely used tool for identifying potential support and resistance zones. These levels, indicated by percentages like 0.382, 0.5, 0.618, and 0.786, are marked with rectangles on the chart.
Consequently, Morecryptoonline’s analysis hints at the possibility of AVAX’s price dropping to these levels before potentially resuming its uptrend as part of the correction phase.
Notably, the chart extends its projections into the future, with labels such as (b) and (ii) suggesting the analyst’s expectations for forthcoming price movements. While the time indicators span from November of the previous year to around June, the dashed arrows illustrate the anticipated direction of AVAX’s price action.
At the time of the analysis, the chart displayed AVAX’s current price in USD, providing context for the projections.
Milei Moneda is a new meme coin inspired by the political and economic views of Javier Milei, an Argentine president known for his libertarian and pro-Bitcoin stance. You have an opportunity with the ongoing low presale price to get in early!
Sponsored
Show more +A Cautious Yet Insightful Perspective
As the cryptocurrency market continues to captivate investors, technical analyses like Morecryptoonline’s offer valuable insights. However, it’s crucial to approach such predictions with a balanced mindset, recognizing the inherent volatility and unpredictability of the crypto realm.
Nonetheless, this intricate interplay of wave patterns and Fibonacci levels showcases the depth of analysis employed by seasoned traders, shedding light on potential future scenarios for AVAX’s price trajectory.
You may also be interested in:
- FLOKI and PEPE Coin Prices Pumping: Here’s Why
- Uniswap Faces Crucial Test at Former Resistance: Analyst Shares How Low Can UNI Plummet
- Crypto Whales Opt For the InQubeta (QUBE) Presale Over Uniswap (UNI) and Bonk (BONK), What Do They Know?
Check $RECQ Meme Coin
ICO stage, offering tokens at a discounted price
Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions.
Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade,
Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.