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Avalanche price forecast: AVAX reaches price target at USD 28.5




“AVAX price is currently extremely bullish and is about to break the 50-day EMA resistance at around $23.23. This puts AVAX on the way to the golden ratio around $28.5 where AVAX price meets the next significant Fib resistance. Should AVAX bullishly break the golden ratio at around USD 28.5 , the next Fib resistance awaits at around USD 35 .


This implies an upside potential of around 46% and should AVAX break both Fibonacci resistances, AVAX could even rise to the golden ratio at the USD 50 mark. There, AVAX also encounters the 200-day EMA, which acts as additional resistance.”


In fact, the AVAX price has now reached the golden ratio resistance at around USD 28.5 and should AVAX be rejected at this point, AVAX will find significant support at around USD 24.5 at the 0.382 Fib level and 50-day EMA at the latest. Should this support be broken in a bearish manner, significant Fibonacci support awaits the AVAX course at around USD 20.


Additionally, MACD's histogram has been ticking bullish higher so far today, but has been ticking bearish lower for the past few days. Should AVAX correct now, the histogram is likely to close on a bearish note. However, the MACD lines are still bullishly crossed and the RSI is neutral.


The Avalanche price could now rise to around USD 35

If the AVAX price breaks the golden ratio resistance at around USD 28.5 in a bullish manner, the next significant Fibonacci resistance is waiting for AVAX at around USD 35. In addition, there is still horizontal resistance on AVAX at around USD 39.


In addition, the histogram of the MACDs is also ticking bullishly higher in the weekly chart and the MACD lines were able to cross in a bullish manner a few days ago. Here, too, the RSI is neutral.


In the medium term, the Avalanche price could rise to USD 50

In the medium term, the AVAX price could rise to the USD 50 mark, because AVAX finds multiple significant Fibonacci resistances there. However, for any chance of fresh highs, AVAX needs to break the golden ratio around $100. This corresponds to more than a tripling of the current market value.


Against BTC, AVAX price is facing resistance at the 50-week EMA

The MACD in the weekly chart is also bullish against BTC, because the histogram has been ticking bullishly higher for weeks and the MACD lines are bullishly crossed. The RSI is also neutral here and gives neither bullish nor bearish signals.


In addition, AVAX price has now reached the 50-week EMA at around 0.00127 BTC, where AVAX could be rejected to return to the Fibonacci supports at around 0.001 BTC or even 0.00085 BTC.


On the other hand, if AVAX breaks the 50-week EMA in a bullish way, significant Fib resistance awaits just above it at around 0.0013 to 0.00138 BTC.


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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