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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Oct 26, 2023 05:30 UTC
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AVAX Price Analysis: Can AVAX Top $15 With This New Breakout?
The AVAX price shows a dramatic rise of 26% over the last week to reclaim the $10 mark.
AVAX price action shows a double bottom reversal in the daily chart with a neckline at $11.
With the $11 breakout, the AVAX price can rally as high as $12.5 within a week.
With Bitcoin dominance reaching the 30-month high, the overall market finds a fresh breeze of a bull run. Similar to other major altcoins, the AVAX price skyrockets with the recovery season, blooming double-digit returns for the market.
Bouncing back from the $8 mark, the Avalanche token buyers regain trend control to rise above the 50-day EMA. With such a fightback, the AVAX price prediction hints at potentially reaching the $15 mark before 2023 ends.
During the ongoing 26% jump, the increased demands at $8 and Bitcoin rising to $35K were major catalysts driving the bull run. Leading to a bullish pattern in hindsight, the AVAX price action forms a double bottom with a neckline at $11.
Currently, the AVAX price trades at $10.99 with an intraday growth of 4.56%, leading to a bullish engulfing candle and teasing a breakout rally. The seven bullish candles in the last eight trading sessions reflect a strong bullish trend momentum.
The overhead resistance at $11 has been a critical supply inflow spot for the last few months, keeping the bullish growth under check. Therefore, a successful candle closing above this crucial level will signal a bullish entry spot in AVAX price.
Technical indicators:
EMA: The bullish breakout of the 50-day EMA increases the possibility of a golden crossover if the uptrend sustains momentum.
RSI indicator: The RSI indicator displays a rounding reversal to renter the overbought boundary.
Will AVAX Price Rise Above $12?
Considering the overall market recovery continues to gain momentum, the blue-chip altcoins will continue to perform exceptionally well. Similarly, the AVAX price will rise higher, and the double bottom breakout will catalyse the bull run and reach $15 faster than anticipated. However, the $12.5 mark may be a pitstop in the rally.
On the flip side, a reversal from $11 or a failure to sustain the momentum can lead to a price drop to $10.
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