Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion AVAX witnessed a 20% surge in price in the last 10 days AVAX’s demand in the derivatives market remained positive Avalanche [AVAX] surged by 20%, rising from $10.85 to $12.97 in the past 10 […]
The Relative Strength Index on the daily chart was at 57, a considerable level above the 50-midpoint. It had risen from the oversold zone since the beginning of the year. This showed that buying pressure had increased steadily in the past 10 days; as such, bulls had the upper hand.
Therefore AVAX bulls could attempt to push above the $12.97 level and target the $14.0 supply zone, especially if BTC breaks above the $17.50K mark. However, AVAX bulls could face intense opposition from sellers if it hits the supply zone. So investors with diamond hands could wait and sell off at this zone. Nonetheless, a strong bullish BTC could try to push AVAX even above the supply zone, but bulls must overcome some extra obstacles if it comes to that.Alternatively, bears could gain more influence before AVAX hits the supply zone and push the prices lower. Such a downward move would invalidate the above bullish bias. The downtrend could be checked by the $11.73 or $10.85 support levels.
However, a decline in trading volumes could undermine bulls’ uptrend momentum. Any uptick in trading volume alongside a bullish BTC could signal a major rally toward the supply zone. Therefore, investors should track BTC movements.Subscribe to get it daily in your inbox.
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