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Avalanche Price Forecast: May 16
The Avalanche price forecast is for a potential bullish resurgence, with a breakout above $39.70 heralding renewed momentum and paving the way for further upside movement.
Avalanche Long-Term Trend: Bullish (1 Day Chart)
Key Levels:
Resistance Level: $36.80, $42.40, $50.10
Support Level: $33.60, $31.40, $23.60
The Avalanche market could re-ignite its bullish momentum with a breakout from $39.70. In March, the price had made a strong rally that drove the coin more than 50% higher. However, that was all to it as the market suffered rejection at $65.50. This led to a drop in price, first to $45.30 and then to $31.40. Despite the bearish sentiment, with the coin capped below $39.70, the market has almost completed forming a 3-bottom bullish formation reversal structure. If the price breaks $39.70, the bulls will likely re-ignite their momentum.
Avalanche Price Forecast: AVAX/USD Outlook
AVAXUSD bulls set their sights on a breakout above the $39.70 resistance level, poised to re-ignite bullish momentum in the Avalanche market.
In March, a robust rally propelled the price over 50%, culminating in a peak at $65.50. However, subsequent rejections triggered a decline to $45.30, followed by a further dip to $31.40.
Despite prevailing bearish sentiments, the market’s consolidation below $39.70 hints at the formation of a bullish reversal structure with a triple-bottom pattern nearing completion. Should the price breach $39.70, bulls are primed to reignite their momentum.
AVAX/USD Medium-Term Trend: Bullish (4-hour chart)
Keying into this potential breakout, Avalanche will have to surpass an additional barrier from the MA period 50, converging with the $39.70 resistance level to hinder bullish sentiment. Meanwhile, insights from the Momentum indicator suggest that current market momentum hovers at a negative value, indicative of prevailing consolidation. However, a breakthrough above $39.70 could catalyze a momentum surge akin to March’s levels.
On the 4-hour timeframe, the price demonstrates resilience by trading above the MA period 50, edging closer to challenging the $39.70 resistance. Notably, the Momentum indicator reflects a burgeoning positive momentum, signaling a favorable outlook for a breakout. In the event of a successful breach, AVAXUSD could potentially target the $45.30 level, marking a significant upward trajectory.
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