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Avalanche Price Forecast: December 28th
The Avalanche price forecast is for the market to rebound off the $36.80 support level following exhaustion from the bulls.
Avalanche Long-Term Trend: Bullish (1 Day Chart)
Key Levels:
Zones of supply: $45.30, $50.10
Zones of Demand: $36.80, $30.30
The Avalanche Market recently recorded over 150% price increase when it rallied from late November up until the 24th of December. This brings the market to the $50.10 resistance level, at which point the coin was rejected. Since then, the market has been plunging as the bulls have been exhausted due to overexertion. The coin is now approaching the $36.80 support level to stabilize above it.
Avalanche Price Forecast: AVAX/USD Outlook
Avalanche’s market witnessed an impressive 150% price surge from late November to December 24th
This pushed the market to reach the $50.10 resistance level where the coin encountered rejection. Subsequently, the market has been on a downward trajectory.
The downward trajectory is due to exhaustion on the part of the bulls following earlier exertions. The current objective is to approach and stabilize above the $36.80 support level.
AVAX/USD Medium-Term Trend: Bullish (4-hour chart)
Despite the ongoing retracement, the Parabolic SAR dots persistently align below the daily candlesticks, a testament to the robust effort exerted by the bulls. The Relative Strength Index (RSI) line, previously oscillating around the overbought border, has now descended below it.
During the 4-hour timeframe, the influence of bears becomes more pronounced. The Parabolic SAR initially alternates around the candlesticks before forming a row above, signaling a prevailing downtrend. The RSI, too, dips below the 50 mark and approaches the oversold border. The anticipated objective for Avalanche is to find stability at $36.80 and potentially initiate a rebound from this level.
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