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.<\/p>\n
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.<\/p>\n
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.<\/p>\n\n
Chart from TradingView.com<\/p>\n
Can Avalanche Slice Through Resistance At $25?<\/p>\n
To establish the bullish reversal following the token\u2019s 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%.<\/p>\n
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.<\/p>\n
The social significance or social volume metric of AVAX has spiked immensely as seen in the period from July 26 to August 3\u00a0 implying a bullish momentum as AVAX is gearing up to move at the support seen at $22.50.<\/p>\n
Increased Investor Interest With Upcoming AVAX Hackathon<\/p>\n
The token\u2019s supposed rally towards $32.00 could happen with the increase in investor interest. Meanwhile, the launch of Avalanche\u2019s 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.<\/p>\n
The event is set to happen from August 11 to 12 which is said to trigger an uptrend for AVAX price shooting for $32.<\/p>\n
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.<\/p>\n
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.<\/p>\n\n
Crypto total market cap at $1.03 trillion on the daily chart | Source: TradingView.com<\/p>\n
Featured image from AAX Academy – Chart from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Chart from TradingView.com<\/p>\n
Can Avalanche Slice Through Resistance At $25?<\/p>\n
To establish the bullish reversal following the token\u2019s 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%.<\/p>\n
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.<\/p>\n
The social significance or social volume metric of AVAX has spiked immensely as seen in the period from July 26 to August 3\u00a0 implying a bullish momentum as AVAX is gearing up to move at the support seen at $22.50.<\/p>\n
Increased Investor Interest With Upcoming AVAX Hackathon<\/p>\n
The token\u2019s supposed rally towards $32.00 could happen with the increase in investor interest. Meanwhile, the launch of Avalanche\u2019s 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.<\/p>\n
The event is set to happen from August 11 to 12 which is said to trigger an uptrend for AVAX price shooting for $32.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Crypto total market cap at $1.03 trillion on the daily chart | Source: TradingView.com<\/p>\n
Featured image from AAX Academy – Chart from TradingView.com<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-4977","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/4977","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=4977"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/4977\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=4977"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=4977"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=4977"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}