Market Analysis

AVALANCHE PRICE ANALYSIS & PREDICTION (December 1) – Avax Forms Fresh Bullish Pattern, Incoming Rally?

Avax looks a bit calm on the daily after mounting weekly support around $19. It has formed a bullish pattern above this price level on the hourly and now looking prime for a resurge. The price is currently up 2.5%.

Following last month’s surge that took some major altcoins to their new yearly high, Avax easily tapped the $24.7 range in the mid-month after exploding by roughly 200% in a month.

Unfortunately, it encountered resistance and the rally halted due to a sharp rejection. A pullback occurred and the price fell to the low of $18.9 last week. The bulls reacted fast to that level with a quick buyback and the asset entered a brief consolidation phase on the daily chart.

The price looks strong on the hourly chart after forming a fresh bullish pattern (double-bottom) above last week’s low. The price has bounced back a bit to where it is trading at $21.

If this pattern continues to play, Avax may reclaim its previous high and further break higher. However, in the case of a drop, last week’s low would be the key level to watch for another leg down. 

A dip below it could bring the price to the low of $12 as a retest pattern of the recent falling wedge break. For now, the bulls are in control.

Avax’s Key Level To Watch

Source: TradingView

As the price looks poise for a fresh increase, the $22.8 and $24.7 levels are immediate resistance to watch for an upsurge. If that happens, the August 2022 breakdown level – $26.7 – would be the next resistance to keep an eye on.

Losing last week’s $18.9 low could slip the price to close support of $18 before dipping to $16. It may also encounter support at $14 on the way down.

Key Resistance Levels: $22.8, $24.7, $26.7

Key Support Levels: $18.9, $18, $16

  • Spot Price: $21.2
  • Trend: Bullish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: ivanbabydov/123RF // Image Effects by Colorcinch

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