Avalanche (AVAX) Hits New Highest Price Ever – What’s Next?

Avalanche (AVAX) hit a new all-time high of $ 64.90 on September 2, but has since moved lower.

AVAX is now trying to find support at the previous closing daily high near $ 54.40.

AVAX hits a new all-time high

On August 16, Avalanche broke a long-term descending resistance line and peaked at $ 58.98 on August 24.

Subsequently, it began to move down within a descending wedge, which is often considered a bullish pattern.

AVAX erupted on September 10 and hit a new all-time high of $ 64.90 two days later.

However, it has since moved downward. decline was preceded by bearish divergences in both the RSI and MACD (blue lines).

main support is at $ 39. This is both a horizontal support area and a level that coincides with the Supertrend support line (green).

Cryptocurrency trader @Altcoinsherpa described an avalanche chart, indicating that it could continue to rise until it closes above the 200-day moving average (MA).

Future movement

two-hour chart shows that the $ 39 support area also coincides with the 0.786 Fibonacci retracement support level of the most recent bullish move. refore, if AVAX pulls back, this level is likely to provide strong support.

MACD and RSI have turned bearish, so it is possible that the current bounce is corrective and that the low has not yet reached.

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In this case, AVAX could rally towards the $ 56 area and validate it as resistance before dropping to the $ 39 support.

wave count

ongoing up move appears to be a five-wave bullish momentum. In this case, the breakout of the descending wedge was part of the fourth wave.

maximum was reached at the confluence of the Fib resistance levels, created by the 1.27 outer retracement of wave four (white) and the 0.618 projection of wave 1-3 (black).

It is not yet clear whether the up move is a long-term wave five or just a background to wave five. former would mean that a maximum has been reached, while the latter could eventually push AVAX to a new all-time high and into a price discovery phase.

If the short-term dip described in the previous section is an ABC corrective structure or bullish momentum it will likely determine whether the AVAX will move towards new highs.

In both cases, a short-term decline is expected.

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