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Avalanche Price Forecast: December 7
The Avalanche price forecast is for the market to forge upward after breaching the $21.50 strong resistance level.
Avalanche Long-Term Trend: Bullish (1-Day Chart)
Key Levels:
Zones of supply: $23.60, $21.50
Zones of Demand: $18.20, $14.20
Avalanche is showing incredible bullish resilience, and that has now led it past the significant $21.50 level. The $21.50 resistance level contributed to the downward slide of the market early in the year, when the price was rejected in quick succession. Afterward, Avalanche slid downward to its all-time low at $8.75. Nevertheless, the buyers employed a double-bottom formation to drive the price up beyond the market strongholds.
Avalanche Price Forecast: AVAX/USD Outlook
Avalanche is exhibiting remarkable bullish resilience, successfully surpassing the significant $21.50 level.
The $21.50 resistance level played a pivotal role in the market’s early-year downturn, leading to swift rejections and a subsequent decline to its all-time low of $8.75.
However, buyers strategically utilized a double-bottom formation to propel the price beyond these market strongholds.
AVAX/USD Medium-Term Trend: Bullish (4-hour chart)
While the initial hurdle at $14.20 was easily overcome, the ascent beyond $21.50 required persistence and resilience. The Relative Strength Index (RSI) responded by entering the overbought territory, experiencing fluctuations before returning to it. The Momentum indicator, after a drop during the pullback, is now on an upward trajectory, indicating an increase in momentum.
Positive signals on the 4-hour chart reinforce the optimistic outlook. The RSI line has ascended back into the overbought zone, mirroring the pattern observed on the daily chart. Additionally, the Momentum indicator has surged to a strongly positive value, propelling the Avalanche market to its highest level for the year. Anticipations are high for further upward movement in the coin’s value.
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