AVAX The price reached an all-time high of $81.50, following this price AVAX is poised to start a fresh rise. The “avalanche rise” could be confirmed with a close above the supply zone at $80.
AVAX price repeated its all-time high (ATH) at $81.50, according to Coinecko data. Jumping from the middle border of a descending parallel channel on October 19, AVAX had begun a long preparation period for ATH. If this uptrend continues, Avalanche price could rise above $100.
Unable to Stop AVAX
The AVAX price rallied about 165% from the September 7 low of $30.56 to about $81.07 on September 23. This price action was followed by a correction forming a descending parallel channel on the daily chart.
This price correction that took place was halted by support from the demand zone indicated by the “green band” that prevented AVAX from slipping further between October 12 and October 19. Following this move, AVAX flipped the 50-day Simple Moving Average (SMA) from resistance to support and pushed above the descending channel to catch new ATH at $81.51 and gain 51%.
AVAX price is trading at $77.85 at the time of writing and looks set to explore new highs on a move towards $100. For this to happen, traders are waiting for a daily close above the supply zone (red band) at the psychological level of $80.
AVAX/USD Daily Chart
Rising moving averages and Relative Strength Index (RSI) indicator enters the overbought territory, showing that the bulls are stronger than the bears and are currently controlling the “Avalanche price”.
Looking at the daily chart also shows that the AVAX price is sitting on a strong bearish drive by the SMAs to the downside.
If AVAX price dips below the $76.90 supply zone, the bulls could then lose control of the market. If this scenario materializes, AVAX price could slide below $70 and slide back from support. This pullback could set the $68 support and the 50-day SMA at $64.16.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.