Avalanche Analysis: AVAX Likely to See Major Moves by Year End

On Oct 4, 2023

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Avalanche (AVAX) is gradually emerging from a downtrend as the bulls initiate a rebound from the $8.6 support zone.

As of 5:29 a.m. EST, AVAX is actively trading at $9.49 for a 4.5% gain in the past 24 hours and an 8.8% increase over the previous week. Its trading volume has also surged by 47% on the day, reaching $177 million.

AVAX Bulls Initiate a Rebound on Falling Wedge

AVAXUSD Chart Analysis. Source: Tradingview.com

AVAX had been in a prolonged bearish trend since April 17, leading to the formation of a falling wedge pattern.

The pattern in the chart above is suggesting a potential shift towards a bullish trend, providing an opportunity for investors to enter the market after a long downtrend.

$AVAX price action tells me that if any bulls🐂will be showing up, it will be evident today or later in the week.
Impressive comeback from the Asian session. pic.twitter.com/3Xe0UfxZ0X
— Simeon 💾 Neuromancer (@NaydenovSimeon) October 4, 2023

At the time of writing, AVAX demonstrates a price rebound from the lower boundary of the falling wedge, indicating that the bulls have gained control of the price. If this bullish rally sustains, it could drive the price above the falling wedge, confirming the bullish trend in the coming weeks and throughout Q4 of 2023.

The bullish outlook is further supported by the relative strength index (RSI), which has rebounded and is approaching the overbought zone, currently at a level of 55. This indicates significant buying pressure.

However, a different perspective is presented by the 50-day and 200-day moving averages, which are trading above the price, suggesting the possibility of a price retracement for AVAX.

Additionally, the 50-day moving average acts as an immediate resistance level for AVAX’s price. To maintain the bullish momentum, the bulls need to overcome both moving averages.

AVAX Bullish Bias

Based on the analysis above, the price of AVAX exhibits a bullish bias supported by the falling wedge pattern. If the bullish trend persists, bulls will drive the price towards the $12.71 and $14.93 resistance levels.

Conversely, there is a possibility of bears gaining control of the price, potentially aided by the 50-day simple moving average. If this scenario unfolds, it could force the bulls to retreat, seeking support at the $8.62 zone.

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