Avalanche (AVAX/USD) Market Primed For Short-Term Pullback Before Bullish Surge
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Avalanche Price Prediction – October 17
The AVAXUSD market is primed for a short-term pullback before a bullish surge. As the price approaches the overbought region, a short-term crash is likely.
The AVAXUSD chart exhibits bullish momentum, with the Relative Strength Index (RSI) showing a value of 62.39, signaling strong buying pressure. The price is currently trading above the 9-period Simple Moving Average (SMA), which is situated at $27.330. This indicates a bullish trend. However, the RSI is nearing overbought territory, suggesting that a retracement might occur before further upward movement.
AVAX/USD Market Key Levels
Resistance: $33.020, $37.190, $41.780
Support: $28.000, $21.840, $15.570
AVAX/USD – Daily Chart
The daily chart for AVAXUSD shows that the overall trend of the market remains bullish.
The price recently broke out of a descending trendline that had been in place since mid-July. This breakout, combined with the formation of several order blocks (OB) around the $23.170 and $27.330 levels, supports the bullish outlook. The market structure shift (MSS) around $29.430 further validates that the trend may continue upward after a brief consolidation or retracement.
What is the projection for the AVAXUSD market?
AVAXUSD is expected to retrace slightly, potentially finding support around the $28.000 or $27.330 levels. After this correction, a strong bullish push could propel the price toward the $33.020 resistance. If momentum continues, the next key level to watch would be around $37.190, with an extended target near $41.780 in the longer term.
AVAX/BTC Price Analysis
The AVAXBTC chart shows a bullish breakout after a recent break of structure (BOS) near 0.0004670. Price is currently supported by a rising trendline and trading above the 9-period SMA, which is at 0.0004390. With RSI at 63.17, there’s strong buying momentum, though a short-term retracement could occur before continuation. If the retracement holds above the 0.0004390 support, the price could aim for the next resistance at 0.0004790 and 0.0005810.
Avalanche (AVAX) Current Statistics
The current price: $29.430
Market Capitalization: $11,750,000,000
Trading Volume: $334,950,000
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