After an intense bear market, AVAX appears to be recovering, and 250% higher from the current level seems to be the likely target. Let’s find out why!
The Details: AVAX lost 92% in this bear market from its all-time high to its low 12 days ago. Since then, it appears to have made a V-shaped recovery and might be on its way to hit $55. Why $55 dollars you may ask? That is because $55 is an important resistance level, based on where the coin bounced in the past. Additionally, it is in the middle point of the bear market, and usually where a bear market returns to sooner or later.
Why Do We Have a Bull Run Now?
AVAX was in a descending trendline since August 2022. However, that changed when it made a breakout yesterday! The breakout was violent and AVAX gained almost 25% in a single day. This suggests that there is strong momentum behind the breakout and it is likely to continue.
The 30 exponential moving average (EMA) acts as a mobile support and resistance and has been pretty accurate since the coin came into existence and especially in the bear market. Once AVAX closes above it as it did now, it is likely to stay above it and acts a support for some time to come.
The first resistance level in this renewed bull run is $30. This level represents the high of August 2022, when the descending channel first came into existence. This level is still around 100% higher than the current price point, making a purchase of the coin, a potentially worthy endeavor.
Looking Ahead: When Bitcoin will have its rally this year, as we have pointed out multiple times, we will likely see AVAX rise even more as well, likely to $55 which is 250% higher than the current price.
The Details: AVAX lost 92% in this bear market from its all-time high to its low 12 days ago. Since then, it appears to have made a V-shaped recovery and might be on its way to hit $55. Why $55 dollars you may ask? That is because $55 is an important resistance level, based on where the coin bounced in the past. Additionally, it is in the middle point of the bear market, and usually where a bear market returns to sooner or later.
Why Do We Have a Bull Run Now?
AVAX was in a descending trendline since August 2022. However, that changed when it made a breakout yesterday! The breakout was violent and AVAX gained almost 25% in a single day. This suggests that there is strong momentum behind the breakout and it is likely to continue.
The 30 exponential moving average (EMA) acts as a mobile support and resistance and has been pretty accurate since the coin came into existence and especially in the bear market. Once AVAX closes above it as it did now, it is likely to stay above it and acts a support for some time to come.
The first resistance level in this renewed bull run is $30. This level represents the high of August 2022, when the descending channel first came into existence. This level is still around 100% higher than the current price point, making a purchase of the coin, a potentially worthy endeavor.
Looking Ahead: When Bitcoin will have its rally this year, as we have pointed out multiple times, we will likely see AVAX rise even more as well, likely to $55 which is 250% higher than the current price.