Market Analysis

AVALANCHE PRICE ANALYSIS & PREDICTION (December 7) – $Avax Reaches A New Milestone With 15% Surge In A Day

$Avax resumed bullish this week and flipped the previous resistance level after posting 38% gains in a week. It tapped a new multi-high and saw a slight rejection. More rallies are expected once the demand level keeps rising.

Following last month’s correction, which pulled the price to from a high of $24.75 to a low of $18.9, $Avax bounced back with a brief consolidation and managed to close above the psychological $20 level in that month. 

It reiterated positive actions this month and flipped through November’s resistance to mark a new one at $27.7 a few hours ago. Unfortunately, it encountered resistance there and dropped slightly to where it is changing hands at $26.6. 

Despite that, the price remains strong on the daily chart. However, we may see a small pullback to the recently flipped resistance on the hourly before resuming bullish. If a pullback fails, the price may rally quickly into the $30 zone, which initiated a huge drop in August 2022.

In the case of bearish, which is not feasible at the moment, $Avax would need first to drop below last month’s recovery level before we can start to consider a shift in trend from in the short term.

Right now, the bulls are gaining control of the market as more potential surges lie ahead. So far, $Avax has traded over $1.8 million in volume, with a 15% increase in the last 24 hours.

$Avax’s Key Level To Watch

Source: TradingView

In the upcoming days, the key resistance zones to keep in mind are $28 and $30.88. A break above this key zone should activate more rallies to $33 and potentially $36 in no time.

While the $24.75 support stands as a pullback level to keep in mind for potential drops, the $22.8 and $20.65 levels are the next support to watch before breaking below $18.9.

Key Resistance Levels: $28, $30.88, $33

Key Support Levels: $24.75, 22.8, $20.65

  • Spot Price: $26.65
  • 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.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

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

Leave a Comment

Your email address will not be published. Required fields are marked *