Avalanche Price Forecast: AVAXUSD Rebounds Above $33.60 Amidst Market Dynamics

Azeez Mustapha


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Avalanche Price Forecast: February 8

The Avalanche price forecast is for the market to use the $33.60 significant level to aid its push for a higher price level.

Avalanche Long-Term Trend: Bullish (1-Day Chart)

Key Levels:
Zones of supply: $36.80, $42.40, $45.30
Zones of Demand: $26.20, $30.30, $33.60 $26.20

COINBASE:AVAXUSD Chart Image by michaelfaniyi42

Avalanche has recoiled back above the $33.60 significant level. The market has recently ended a bearish tenure but isn’t finding a rally all that smooth. The price was immediately knocked back at $36.80 which caused the market to slip slightly below the $33.60 significant level. However, the coin is maintaining a higher low trend and has recoiled back above $33.60 as it bid to now violate the $33.60 resistance to go higher.

Avalanche Price Forecast: AVAX/USD Outlook

Avalanche has demonstrated a resilient rebound, surging back above the significant $33.60 level.

Despite the conclusion of a bearish phase in the market, the path to a rally has encountered some resistance. The price faced a setback at $36.80, causing a slight dip below the crucial $33.60 level.

However, the coin is maintaining a higher low trend and is now poised to breach the $33.60 resistance, aiming for higher levels.

AVAX/USD Medium-Term Trend: Bullish (4-hour chart)

The impact of the setback at the $36.80 resistance level has not significantly affected the Moving Average (MA) Cross indicator on the daily chart, which remains upward crossed, signaling an anticipated resumption of an upward trend. Concurrently, the Relative Strength Index (RSI) line has recovered above the 50 mark, aligning with the market’s upward movement on the daily timeframe.

COINBASE:AVAXUSD Chart Image by michaelfaniyi42

On the lower timeframe, the market is depicted as ranging between $36.80 and $33.60. This observation is supported by the undulating MA Cross on the 4-hour candlesticks. The RSI line itself exhibits fluctuations around the 50 mark. Despite this, insights from the daily timeframe indicate that the bulls have successfully propelled the price higher, hinting at their potential to overcome the $36.80 yyyy6y the market completes the breakout, the crypto signals are pointing to a rise of the price to the $0.0000600 resistance level.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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