AVAXUSD close to starting a rally to $250.00

Avalanche (AVAXUSD) has been trading below the 1D MA50 (blue trend-line) for the past week, ever since the pull-back from the April 02 High. Even though that rattled the confidence of many market participants, there is no cause for concern as this was a short-term profit-taking correction within the larger Rising Wedge pattern on the long-term.

The coin is coming off an Accumulation Phase similar to those of June - July 2021 and October - December 2020. The 1W MA50 (red trend-line) has been supporting for the past 8 months and the 1D LMACD is approaching a Bullish Cross formation. This is a bullish indicator mix, familiar with the previous Rise phases that led to Higher Highs on the Rising Wedge.

The next Higher High is expected to be close to the 1.5 Fibonacci extension. We set a $250.00 long-term target on AVAX.




--------------------------------------------------------------------------------------------------------

** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **

--------------------------------------------------------------------------------------------------------