Despite BTC’s price movements, Avalanche (AVAX) maintained its stability with a 5 percent increase in the last 24 hours.
This week in the crypto market, Bitcoin (BTC) is advancing with its struggle for 38 thousand dollars. BTC causes volatility in altcoins whenever it cannot exceed 38 thousand dollars. Recently, BTC exceeded $ 38 thousand, making us think that a breakout was coming, but the price retreated again and fell to $ 37 thousand 700.
These days, when BTC is moving downhill, AVAX attracted attention with its structure that differentiates itself from the market. AVAX has increased by 5 percent in the last 24 hours. Is $30 next for AVAX, which has stabilized in the $21 band?
Is Avalanche (AVAX) targeting $30?
Bitcoin (BTC) failed to demonstrate a strong structure as November was about to end. BTC price has struggled with $38,000 for the last week. The tension in BTC’s price was also reflected in altcoins. However, formations that can continue the rise have begun to form in some altcoins. In its analysis for Avalanche (AVAX), CoinPedia stated that the AVAX price is close to gaining momentum according to the 4-hour chart.
According to the analysis made by CoinPedia, the formation in AVAX reveals a bullish expectation. AVAX formed a triangle formation based on the 4-hour chart.
CoinPedia also reviewed AVAX’s technical indicators. AVAX, whose daily RSI line is in the region close to the overbought limit, managed to maintain price stability as the momentum points to an upward trend. Additionally, AVAX’s 50-day moving average (EMA) and 200-day moving average are supporting the bullish momentum.
Considering the AVAX chart and technical indicators, CoinPedia found it normal for the $ 25 resistance to be tested first and then the rise to $ 30 in December. However, the analysis also underlined that AVAX could retreat to $18 in the event of a possible selling pressure or supply wave.
AVAX has recorded a price increase of over 100 percent since the beginning of the year and has maintained persistence above $20. AVAX has become one of the major coins with the most bullish expectations.
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