Avalanche Rally Faces Turbulence But AVAX Price Stays Steady, Eyes $30 Next

Home » Avalanche Rally Faces Turbulence But AVAX Price Stays Steady, Eyes $30 Next

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Avalanche price has sustained its bullish stance mid-through the week’s trading, increasing 1.5% in 24 hours. The Layer-1 token teeters at $12.54 at the time of writing after a minor correction from its weekly high of $13.00.

AVAX price will likely ease into a retracement to allow buyers into the market ahead of another bullish breakout – this time, aiming for a trend reversal above a falling channel. The pullback may allow the collection of more liquidity as bulls build momentum behind the token.

Can AVAX Price Crack The Falling Trend Channel’s Resistance?

Following the rejection at $13.00, AVAX price retreated to seek support at the 50-day Exponential Moving Average (EMA) (in red) at $12.57 on the daily time frame chart. However, rising overhead pressure has forced Avalanche below the same moving average to trade at $12.54.

If bulls cannot reclaim this lost support area, more traders will be convinced that the path with the least resistance is to the downside and begin shorting AVAX toward its immediate support at $10.50.

Possibly, that is what bulls are waiting for since they will be able to buy more low-priced AVAX tokens. Such a move, although not guaranteed, could propel AVAX price significantly higher, bolstered by a spike in accumulation.

AVAX/USD daily chart

According to the Moving Average Convergence Divergence (MACD) indicator, Avalanche’s bullish outlook is still very much intact. Realize the confirmation of a buy signal when the MACD (line in blue) crossed above the signal line (in red). Moreover, the momentum indicator holds above the mean line, adding credence to the optimistic picture for AVAX price.

On the bright side, a daily close above the 50-day EMA, currently holding the ground at $12.57, would reinforce the bulls’ growing presence in the market. Traders can place buy orders slightly above $13.00 to capitalize on a potential strike on the twice-tested resistance posed by the falling trend channel, currently in confluence with the 100-day EMA (in blue) at $14.49.

A break above this stubborn resistance could prove profitable for AVAX price, with the next rendezvous for the bulls possibly at the 200-day EMA (in purple) around $21.83. A medium-term outlook for Avalanche places it at $30.00.

Key Fundamentals Supporting AVAX Price Bullish Breakout

Insights from IntoTheBlock, referencing the In/Out of the Money Around Price (IOMAP) model, reveal approximately 64k addresses that bought roughly 9 million coins between $11.33 and $11.73 are ready to throw their weight behind Avalanche’s bullish future. This range is the strongest support area.

On the upside, the absence of firm resistance zones implies AVAX price would be inclined to rally toward $30 as opposed to falling to test support at $10.50 and $9.50, respectively.

AVAX price
Avalanche IOMAP model

Traders searching for short positions in AVAX price could join the selling party as the token slips further below the 50-day EMA. Such positions would target support at $10.50 for profit booking and, if push comes to shove, at $9.50.

IntoTheBlock shows that Avalanche price lacks the support of new addresses joining the network. There was a short-lived spike in the ‘Daily Active Addresses’ metric from 3.47k on January 2, but the trend snapped on January 6 at 28.33k.

The number of addresses joining the Avalanche blockchain has since dropped to 7.42k, as recorded on Tuesday, which may stifle price recovery.

AVAX price
Avalanche’ Daily Active Addresses’ chart

Avalanche Alternatives to Consider for Bigger Returns

AVAX price uptrend is temporarily on hold, although it may eventually rally to $30.00. In the meantime, investors may seek exposure to new altcoins launching in the crypto market. The tokens listed here are carefully selected from other presales and offer the highest opportunity for growth.

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The team sells MEMAG tokens in a presale ahead of the first exchange listing. 1 MEMAG is worth 0.007 USDT in the first stage, but the price will go up to 0.01 USDT in just nine days.

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