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Sohrab Khawas
Sohrab Khawas
Author
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.
- Nov 02, 2023 08:03 UTC
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AVAX Price Analysis: Up Against Incoming Supply, AVAX Eyes $15!
The AVAX price gives a double bottom breakout rally to reach the 200-day EMA.
The bullish reversal in 5-day EMA teases a golden crossover shortly.
Crossing the 200-day EMA, the AVAX price can skyrocket to the $15 mark.
With a solid bullish reversal rally in Avalanche, the sellers fail to hold dominance over crucial levels, leading to breakout rallies. The AVAX coin prices take off from the $8.60 launchpad to give a phenomenal return of 40% to reach the $12 mark.
As the ongoing recovery rally brings Avalanche Year-to-Date back into the positive realm with 12.60%, the AVAX price prediction hints at crossing the $15 mark soon.
Forming a double bottom pattern in the daily chart, the AVAX price action displays a successful reversal with a bullish breakout. Crossing over the $10.86 neckline, the reversal rally helps Avalanche reclaim the psychological mark of $10.
The rising Avalanche market value is trading at $12.07, close to the dynamic resistance of the 200-day EMA and the $12.34 resistance level. Moreover, the intraday fall of 1.47% showcases higher price rejection, reflecting a strong incoming supply pressure.
Nevertheless, the AVAX price is up by 40% in the last three weeks and gives a double bottom breakout. Therefore, a potential retest of $10.86 is possible before continuing a bullish trend above the 200-day EMA.
Technical indicators:
EMA: The rising trend in the AVAX price has a positive influence on the 50-day EMA and teases a golden crossover. Moreover, a potential 200–day EMA breakout will signal a buying spot for sideline traders.
MACD indicator: The MACD and signal lines display linear growth with optimum bullish spread.
Will AVAX Price Rise To $15?
With Bitcoin crossing above the $35K mark, the altcoins are gaining momentum and teasing an upcoming altcoin season. Further, the bullish breakout in AVAX with a double bottom reversal signals a potential upcycle to the $15 mark. However, the buyers must reclaim the 200-day EMA to prolong the bull run.
On the flip side, a reversal from the 200-day EMA can lead to a price drop to $10.86.
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