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Home»Altcoins»Why AVAX could rise another 15%
Altcoins

Why AVAX could rise another 15%

2023-11-03No Comments3 Mins Read
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Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.

  • AVAX has a strong bullish structure on the four-hour and daily charts.
  • A move to $13.9 would likely happen quickly, and it was possible that a rally could push past $15 in the coming weeks.

Avalanche [AVAX] recorded big gains on the token’s price chart over the past two weeks. Avalanche was able to defend the previous range lows and has now turned around the $11 level for support.


Is your portfolio green? Check the AVAX Profit Calculator


The news that SnowTrace would be shutting down the Etherscan-powered Explorer service meant that users had to take some steps to switch to alternative tools. Stars Arena, a project on Avalanche, was also in the news after announcing that their CEO has stepped down. This came after a hack on October 7 that resulted in a loss of almost $3 million.

AVAX is expected to move higher after a positive response from the former resistance

Avalanche will rise another 15% after the retest of $11 as support, and here's why

Source: AVAX/USDT on TradingView

AVAX has been trading within a range (orange) of $8.72-$10.92 since late August. Over the past two weeks, the lows of this $8.7 range have been tested and defended once again. This, combined with that of Bitcoin [BTC] rally from $26.7k, providing the impetus for prices to sail past the $11 resistance.

At the time of writing, the market structure on the one-day chart was bullish. The RSI reflected that upside momentum was solid at a reading of 66. The OBV also showed a strong uptrend over the past two weeks, indicating heavy buying volume.

See also  The rise, fall and rebirth of the Azurian PFP

The breakout occurred amid high trading volume. Moreover, the $11 and $11.6 were retested as support on the lower time frames. This indicated that AVAX was likely to move towards the next major resistance at $13.9 and possibly higher.


How much is 1, 10 or 100 AVAX worth today?


The bulls could keep the party going if they manage to break the $14 wall

Avalanche will rise another 15% after the retest of $11 as support, and here's why

Source: Hyblok

The heatmap of liquidation levels above shows that there was a large amount of liquidity present just below $14. This aligned well with the HTF resistance at $13.9. Additionally, the next major liquidity pools are at $14.5 and $16.15.

Liquidity attracts prices and therefore AVAX could likely rise towards these targets if buying pressure continues. Traders could use the $13.9, $14.5, and $16.15 levels to book profits on long positions and then retake them.

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AVAX Rise
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