Bitcoin’s continued sideways movement below $50,000 has given some altcoins a breather.
AVAX, which has withdrawn to the level of $ 75 after Bitcoin’s decline from the peak, is among the altcoins that have risen nicely in recent days.
Good news about AVAX, which maintains its rising trend with the reaction it receives from this level, continues to come.
AVAX, which started to be used heavily due to its increasing popularity, broke the all-time high with 896,000 transactions today. Meanwhile, transactions were carried out in less than 1 second on average and with low transaction fees.
Looking at the technical outlook of AVAX, which basically looks good and continues to grow every day, we think that if $116 is maintained, it can go up to $155.
As long as the sideways trend in Bitcoin continues, we can expect AVAX to continue to rise, but when we look at the fibonacci levels, we see that we are currently in the take profit and sell zone.
Therefore, those who want to make a new entry will need to see that the price is permanent above $131. In the retracements, the range of $ 100 – $ 107 can be evaluated.
Our short-term supports: $120 and $116
Our short-term resistance levels: $127, $131, $139 and $155
In the scenario where we stay above $131, our formation target of $155 can be expected.
*Not Investment Advice.