Avalanche Price Prediction: AVAX could rally 40% if it overcomes this barrier

FXStreet
Updated
coverImg
Source: DepositPhotos

●Avalanche price is stalling after a 236% climb as it confronts a formidable supply barrier.


●AVAX could extend the climb 40% to the FVG at $38.12 if it manages to overcome the $38.03 mean threshold.


●The bullish thesis will be invalidated once the price breaks and closes below the $15.84 support level.



Avalanche (AVAX) price is trading with a bullish bias after activating a bullish technical formation, with prospects for more gains depending on how the bulls play their hand going forward.


Avalanche price momentum running out of steam


Avalanche (AVAX) price is up 236% since the market turned bullish, but the uptrend could be running out of steam as the altcoin faces a supply barrier extending from $26.56 to $29.34. As of 3:30 a.m. GMT time, it is trading for $26.12 with prospects for more gains amid rising momentum.


The Rising momentum is seen with the Relative Strength Index (RSI), which remains northbound despite AVAX being overbought. The Awesome Oscillator (AO) indicator is also bullish, moving in the positive territory with green histogram bars pronounced.


Increased buying pressure above current levels could see Avalanche price overcome the midline of the supply zone at $28.08, with a decisive break and close above it confirming the continuation of the trend. Further north, the gains could extend past the $30.00 psychological level, or higher, tagging the $32.08 resistance level.


In a highly bullish case, Avalanche price could abide by the effective pull of the fair value gap (FVG), which extends from $38.12 to $41.07. A break and close above the midline of this order block at $40.00 would confirm the extension north. Such a move would constitute a 40% climb above current levels.


AVAX/USDT 3-day chart, Source: TradingView.


On the flip side, a rejection from the supply zone could send Avalanche price south, possibly pulling to the $20.00 psychological level. In the dire case, the rejection could send AVAX price down to lose the $15.65 support, with a decisive candlestick close below this level invalidating the bullish thesis.


* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

goTop
quote
Do you find this article useful?
Related Articles
placeholder
Could XRP ETF Approval Be Near? Ripple To Meet SEC Chair Paul Atkins On May 2As positive shifts in cryptocurrency regulation unfold under President Donald Trump’s second administration, speculation is mounting regarding the potential approval of spot XRP ETF applications. 
Author  Bitcoinist
18 hours ago
As positive shifts in cryptocurrency regulation unfold under President Donald Trump’s second administration, speculation is mounting regarding the potential approval of spot XRP ETF applications. 
placeholder
Ripple Price Prediction: XRP signals breakout as spot ETF prospects brightenRipple (XRP) price remains firmly supported at $2.20, while trading at $2.22 at the time of writing on Friday.
Author  FXStreet
18 hours ago
Ripple (XRP) price remains firmly supported at $2.20, while trading at $2.22 at the time of writing on Friday.
placeholder
Bitcoin HODLer Selling Expected Around This Level, Report SaysThe on-chain analytics firm Glassnode has revealed in a report how sell-side pressure may see an uptick from Bitcoin long-term holders around this price level.
Author  NewsBTC
18 hours ago
The on-chain analytics firm Glassnode has revealed in a report how sell-side pressure may see an uptick from Bitcoin long-term holders around this price level.
placeholder
Dogecoin Whales Buy 100 Million DOGE In 24 Hours – Demand Signals Growing ConfidenceDogecoin is currently trading in a tight range, consolidating above the $0.16 support level and struggling to break above the $0.19–$0.20 resistance zone.
Author  NewsBTC
Yesterday 02: 08
Dogecoin is currently trading in a tight range, consolidating above the $0.16 support level and struggling to break above the $0.19–$0.20 resistance zone.
placeholder
Bitcoin Frenzy Continues to Heat Up, But Cathie Wood's ARK Invest Goes Against the Trend by Reducing Holdings!ARK Invest has been selling Bitcoin frequently this April. This may suggest they have a bearish outlook on Bitcoin's future.On April 28, ARK Invest sold 1,105,059 shares of the ARK 21Shar
Author  TradingKey
Yesterday 01: 59
ARK Invest has been selling Bitcoin frequently this April. This may suggest they have a bearish outlook on Bitcoin's future.On April 28, ARK Invest sold 1,105,059 shares of the ARK 21Shar
Real-time Quote