Avalanche (AVAX) Poised For 25% Rally Ahead Of Seoul Web3 Hackathon
04 August 2022 - 7:50PM
NEWSBTC
Avalanche (AVAX) price is seen to soar by 24% or $32 within its
consolidation period. A breach projected overshooting the
descending parallel channel would nudge AVAX closer to its hurdle
or resistance level at $25. After AVAX was able to maintain support
at $22.50, a bull run is anticipated to happen. Avalanche was
recently rejected at $25 due to strong selling activity which
precipitated a rebound seen in the last week of July. The challenge
here lies with AVAX ability to soar above the descending parallel
channel to stir up a spike of 24% from along the neckline of the
inverse head-and-shoulders (H&S) pattern. Chart from
TradingView.com Related Reading: Polygon, In Steady Bullish Trend,
Could Jack Up MATIC To $1.5 Can Avalanche Slice Through Resistance
At $25? To establish the bullish reversal following the token’s
slump in the last couple of month, AVAX price retested the $25
resistance levels twice without breaching it. The token nosedived a
bit from July 22 to 26 giving way to an inverse H&S pattern,
which when validated, may pump up AVAX price by 25%. However, AVAX
price will have to breach the descending parallel channel giving
the token enough force to slice through the resistance at oHo
$25.00. More so, AVAX should also maintain its price above the
50-day SMA to deter bearish corrections in the range between $22.50
and $19.50. The social significance or social volume metric of AVAX
has spiked immensely as seen in the period from July 26 to August
3 implying a bullish momentum as AVAX is gearing up to move
at the support seen at $22.50. Increased Investor Interest With
Upcoming AVAX Hackathon The token’s supposed rally towards $32.00
could happen with the increase in investor interest. Meanwhile, the
launch of Avalanche’s hackathon happening in Seoul is a widely
anticipated event as it brings together the most popular and
reputable icons in Web3 such as Tracey Bowen, Mark Shim, and
others. The event is set to happen from August 11 to 12 which is
said to trigger an uptrend for AVAX price shooting for $32.
According to CoinMarketCap, Avalanche price is showing a bearish
stride as it faces resistance noted at $24.09 and support spotted
at $22.99. Currently, AVAX price has dropped by 2.65% or $23.27.
Daily chart for AVAX price shows the token has been on a decline as
the buyers were not able to punch the prices to surpass the
resistance level of $24.09. Additionally, a head and shoulders
pattern has also formed which means the prices can plunge back to
the support of $22.99 and resistance of $24.09. Related Reading:
Meme Coin CateCoin Silently Balloons Over 250% – Time To Buy CATE?
Crypto total market cap at $1.03 trillion on the daily chart |
Source: TradingView.com Featured image from AAX Academy - Chart
from TradingView.com
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