Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.
- AVAX hit a vital demand zone of $16.8 – $17.51.
- An rising open curiosity may enhance the restoration.
Avalanche [AVAX] may provide bulls hope if the $16.8 – $17.5 assist zone prevents additional plunge. Up to now, the assist vary has change into a key demand zone thrice, providing bulls reprieve from an prolonged worth drop. The fourth retest, at press time, provided discounted costs that would entice new shopping for alternatives.
Learn Avalanche [AVAX] Worth Prediction 2023-24
Can the demand zone maintain the plunge?
Up to now few weeks, AVAX traded between key demand and provide zones ($17 – $22). On the 12-hour chart, the Relative Power Index (RSI) rebounded close to the oversold territory, exhibiting that purchasing stress picked momentum.
Furthermore, there might be a MACD (transferring common convergence divergence) bullish crossover within the subsequent few hours/days, which may affirm the uptrend. Such an prevalence may provide bulls a sign of a robust restoration.
Threat-averse bulls may watch for a retest of a pullback on the demand zone earlier than coming into lengthy positions. The provision zone of $21.0 – 22.5 would be the goal – providing a possible 20% hike within the subsequent few days/weeks.
Nevertheless, key obstacles at $18 and $20 are price watching. Bulls may also face one other key resistance degree at $23.7 in the event that they overcome the promoting stress on the provide zone.
A break beneath the demand zone ($16.8 – $17.5) will invalidate the bullish thesis. The drop may gradual in the direction of $15.84 or $14.23, providing shorting alternatives at these ranges.
AVAX’s open curiosity elevated
In response to Coinglass, AVAX’s open curiosity (OI) fee elevated considerably by press time after steadily declining up to now week. The OI surge on the time of writing steered a big demand for AVAX within the futures market – a bullish sign.
How a lot are 1,10,100 AVAXs price at this time?
If the OI will increase after AVAX cross above $18, it can denote an rising bullish momentum which may push the asset towards the availability zone of $22. Nevertheless, the restoration might be undermined if Bitcoin [BTC] drops beneath $23k.
Due to this fact, bulls may observe a bullish MACD crossover (golden cross), OI, and BTC worth motion earlier than making strikes.