Avalanche (AVAX) Price Makes New ATH! What Next?
- AVAX’s strong November start has pushed its stock above $80.
- RSI overbought, and a likely bearish twin high on the Awesome Oscillator.
Avalanche tries to solve the blockchain trilemma states that blockchains cannot achieve adequate decentralization at scale. As is typically the case on Ethereum, this results in excessive gas costs.
After a 4-week down-channel in September-October, Avalanche continued to look for new price levels in November actively. Two rallies in a week, with a fresh ATH at $85.72. While AVAX hopes to continue its upward trend into December, its price may fall short of the next upcycle. The RSI was overbought, and the Awesome Oscillator had a probable bearish twin high.
AVAX’s strong November start has pushed its stock above $80. From $60, AVAX rose 35%, then fell 11%. The Fibonacci Extension tool was used to establish short-term targets along with this rally. RSI overbought, and a likely bearish twin high on the Awesome Oscillator might cause the next wave of declines.
Price to Surge or Decline?
If AVAX fails to finish decisively above $85, negative pressure might push the market down towards the 38.2% Fibonacci line. A second bottom might be formed if a deeper decline occurs near the $73.6 support.
AVAX’s 4-hour RSI now shows a bearish divergence and overbought values, pointing to a probable fall. If Awesome Oscillator fails to beat its prior monthly high, a bearish twin peak will emerge. While such signs would normally encourage selling, the Directional Movement Index remained optimistic.
A short-term downturn should occur before AVAX tests its 100% Fibonacci Extension and heads towards $100. The next emphasis will be on the $80 and $73.3 support zones. According to CoinMarketCap, the price of AVAX is at $83.22 with a 24-hour trading volume of $1,030,920,646. The price has increased 12.41 percent in the last 24 hours.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
