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Avalanche price prediction: AVAX hits Fibonacci resistance



 AVAX could now be written off as the Avalanche course has turned bullish and reached the golden ratio resistance at about USD 17.

In our previous AVAX Price Forecast from a week ago, we stated: "The AVAX price has increased by more than 56 percent in the last two weeks. This allowed Avalanche to bullishly break the 50-day EMA at roughly USD 12:83 and the 0:382 Fib resistance at roughly USD 14:04. When the AVAX course reaches about USD 17, the next significant Fib resistance will be present.


Additionally, the MACD lines are crossed in a bullish manner, and the histogram of the MACDs on the daily chart is ticking bullishly higher. Overbought regions are reached by the RSI, but no bearish signals are produced. ".

AVAX's price has increased by more than 70% over the past two weeks, causing it to bullishly exit the falling wedge price pattern. At around USD 17, the golden ratio, where AVAX initially appears to be rejected in a bearish manner, AVAX is currently running into significant Fib resistance.


However, the MACD lines are still crossed in a bullish manner and the MACD histogram on the weekly chart is still ticking bullishly higher. The trading volume has also significantly increased. Since June of last year, it has reached its peak now.

AVAX appears to be beginning a short-term correction after price was bearishly rejected at the golden ratio resistance area near $17. Last but not least, the MACDs' histogram is already trending downward in a bearish manner, and the MACD lines on the daily chart may soon cross in a bearish manner.


AVAX is currently locating the following significant Fibonacci supports at $15.45 and $13.5. The 50-day EMA also serves as additional support at about $13.7. The 200-day EMA, or $20.6, represents AVAX's next major resistance level on the upside.


After reaching highly overbought areas, the RSI is now back in neutral territory. The trend is still bearishly confirmed in the short- to medium-term, though, as the EMAs continue to have a bearish crossover.

On the other hand, the EMAs crossed bullishly in the 4H chart, confirming the trend as bullish in the near term. But the MACD is also bearish in this case. The MACD lines are crossed in a bearish direction, and the MACD histogram has been trending downward so far.


Things are now moving bullishly higher, though, as Avalanche is currently meeting strong resistance at the $15.84 area of the 50-4H EMA. If Avalanche breaches this support, AVAX may aim for the subsequent Fibonacci supports near $15.45 and $13.50.

The monthly candle appears to be forming a bullish engulfing candle, which makes it appear even more bullish. However, one shouldn't draw any hasty conclusions because there is still nearly half of the month left to go.


One should not, however, draw conclusions too quickly because we still have almost half the month left. AVAX could aim for the following Fib resistances at approximately USD 63 and approximately USD 95 if it breaks the golden ratio in a bullish direction at about USD 23. AVAX is in a new bull cycle after the golden ratio broke at $95. AVAX's price could then increase to all-time highs.

AVAX was previously successful in bouncing off the support area for BTC between 0.00061 BTC and 0.00075 BTC. Avalanche then encountered significant Fib resistance at 0.000893 BTC, where AVAX experienced a bearish rejection.


AVAX has returned to the support area. In addition, the MACD lines are bullishly crossed in the weekly chart and the MACD histogram is ticking bullishly higher for the third week in a row. The next significant Fib resistance is at the 50-week EMA near 0.001 BTC if AVAX bullishly breaks the 0.382 Fib resistance around 0.00089 BTC.


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