We have news for an altcoin that is in the Tükrler basket and has been expected to rise for a long time. The rise in the last five days is noteworthy. On the other hand, let us also point out that there is still a long way to go to the summit. Which cryptocurrency? Avalanche, of course.
Has altcoin AVAX woken up from its sleep?
Avalanche (AVAX) price has reclaimed a significant price level. It also produced a bullish signal. It is expected to increase by another 30% in the near future. In this case, there is a situation of waking up from sleep. But there are key levels here. Altcoin Avalanche (AVAX) price, after forming a bullish engulfing formation in the week of October 16-22 (green arrow), successfully regained the support level formed at $10.7-11 the previous week.
This move leaves the previous break below the $10.7-11 zone as a divergence. Such deviations are considered bear traps. Moreover, this movement is usually followed by a very strong rally. The weekly RSI (Relative Strength Index) has broken above the descending resistance line. Thus, it indicated an upward sloping situation that would support continued growth potential. Therefore, altcoin AVAX price has the potential to rise to the next resistance level at $15. This figure represents an increase of 26.84% from the current price.
What level can the price see?
A break above this zone will confirm that the long-term trend is upward. Additionally, the altcoin AVAX price will rise to the resistance zone at $22, a yearly high. The daily chart supports the bullish outlook on the weekly timeframe. This is because the cryptocurrency AVAX price confirmed the 10.7-11 zone as support yesterday with a large bullish candlestick (blue arrow).
This move also invalidated the bearish divergence on the daily RSI (red line). This indicates a strong upward momentum. Accordingly, the bulls have a tight control on the market.
Pay attention to possible scenarios
When we look at it as Kriptokoin.com, possible scenarios attract attention. Because AVAX investors have been longing for a rise for a long time. The most likely scenario shows that the price of altcoin AVAX will continue to rise towards the next resistance level at $15. A break above this zone will lead to a sharp increase to $22.
It should be emphasized that such an increase would mean a 100% increase. If the altcoin AVAX price falls below $10.7-11 once again, then this bullish view will be invalidated.
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