- Avalanche price has rallied 50% within the last two weeks.
- AVAX price maintains the bullish trend, technicals suggest.
- Invalidation of the uptrend is a breach below $22.
Avalanche price movies in unison with the rest of the market. The Ethereum-based gaming token still has more upside potential.
AVAX price is on the move
Avalanche price may have traders in disbelief as the digital asset continues to rally higher.
Since July 13, the Ethereum-based gaming token has shown an impressive 50% rally. Although many traders may be skeptical of the crypto market’s rally, there are sparse reasons to define entering a bet against the trend.
Avalanche price currently trades at $25. The expected target from last week’s bearish thesis once the invalidation at $20 was triggered. When observing the technicals, it appears a more time-consuming consolidation could be underway, or the initial rally is still unfinished. Therefore, staying with the trend is warranted as the technicals could still unfold as part of a more significant impulse wave higher. The next targets for AVAX are $27 and $31. Traders should also consider a pull back into the mid $23 zone for a knife-catching opportunity.
AVAX/USDT 3-Hour Chart
Invalidation of the uptrend is a breach below $22. If the bears can tag this level, they may be able to induce a sell-off targeting $17, resulting in a 30% decrease from the current Avalanche price.
In the following video, our analysts deep dive into the price action of AVAX, analyzing key levels in the market. -FXStreet Team