AVAXUSD Bottom formation in process. Target $105.00

7 months ago we published the following analysis (December 14 2023, see chart below), expecting Avalanche (AVAXUSD), to correct back to the 1.0 Fibonacci level after a potential $55.00 hit:

As you can see the price action didn't fail to deliver our projection, in fact it followed very tightly the February - July 2021 pre-rally pattern of the previous Bull Cycle. Right now it has found Support on the 1W MA100 (green trend-line), while the 1W RSI is on the exact Support level it was on the June 21 2021 bottom.

Even though a marginal decline is possible to satisfy the past condition of slightly breaking below the 0.5 Fib, the current levels are good enough to buy again for the long-term.

As in November 2021, our Target is again the 1.236 Fibonacci extension, which is currently just above the $105.00 Resistance.

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