Avalanche Price Forecast: February 1
The Avalanche price forecast is for the buyers to keep forging ahead after they take the first step to end the bear tenure and push the price higher.
Avalanche Long-Term Trend: Bullish (1-Day Chart)
Key Levels:
Zones of supply: $36.80, $45.30, $51.60
Zones of Demand: $33.60, $30.30, $26.20
The Avalanche market has taken the first step to a bullish recovery. The effect of the price over-exerting itself to reach an unprecedented price level is that the bulls become exhausted at the $50.10 resistance level. The market then flows in a downward direction from December into the new year. However, at this juncture, the bulls are ready to regain control.
Avalanche Price Forecast: AVAX/USD Outlook
The Avalanche market has embarked on its initial steps towards a bullish recovery.
The aftermath of the price pushing itself to an unprecedented level led to the complete exhaustion of the bulls at the $50.10 resistance.
Subsequently, the market experienced a downward trajectory from December into the new year. However, at this juncture, crypto signals indicate that the bulls are poised to regain control.
AVAX/USD Medium-Term Trend: Bullish (4-hour chart)
On the daily timeframe, the price has rebounded off the $26.20 support level and the lower Bollinger Band, successfully ascending back above $33.60 and the middle line of the Bollinger Band. The Relative Strength Index (RSI) has shifted its direction from a downtrend, rising back towards the 50 mark, signaling positive momentum.
Zooming in on the 4-hour chart, despite a slight slip back below the $33.60 key level, the market remains predominantly on an uptrend. This slip caused the RSI line to dip from the overbought border, but notably, a higher low was recorded, suggesting increasing strength in the bulls. With crypto signals supporting the upward momentum, the next target is set at $42.40.
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