Avalanche Price Forecast: AVAXUSD Surges to $65.50 Following Triangle Breakout

Avalanche Price Forecast: March 21

The Avalanche price forecast is for more bullish activities despite the first-time rejection at the breakout level of $65.50.

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

Key Levels:
Zones of supply: $56.20, $65.50, $100.70
Zones of Demand: $42.40, $45.30, $50.10

Avalanche has successfully overseen the breakout of a triangle structure. The breakout saw the coin reach the $65.50 significant level, its highest level since 2022. The triangle structure was used as a means for buyers to regain momentum after an early rejection at $50.10 during its first rally in December last year. The price accumulation in the triangle structure took up to 3 months, from early January until now, to facilitate the breakout.

Avalanche Price Forecast: AVAX/USD Outlook

Avalanche (AVAXUSD) has achieved a significant breakout from a triangle formation, propelling the coin to reach the notable $65.50 level, its highest point since 2022.

This breakout marks a pivotal moment for buyers, who utilized the triangle structure to regain momentum after facing initial resistance at $50.10 during the coin’s initial rally starting in December of the previous year.

The consolidation within the triangle formation spanned approximately three months, from early January until the present, ultimately facilitating the breakout.

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

Analysis of the daily timeframe reveals that the Moving Average (MA) Cross consistently trended upward, signalling multiple bullish crossovers. The breakout now positions the Moving Average as a potential support for daily candlesticks. Additionally, the Elders Force Index (EFI) indicator, which hovered around the equilibrium level during the consolidation phase, surged upward upon the breakout, only to retreat to equilibrium following the rejection at $65.50.

A close examination of the 4-hour timeframe illustrates that the market has encountered resistance at the $65.50 level, leading to a pullback towards $50.10. Currently, the market exhibits fluctuations within the $50.10 to $56.20 range as it strives to find stability. The MA Cross is now exhibiting lateral movement, suggesting a period of consolidation. Meanwhile, the EFI briefly dipped below the zero level but has since returned to equilibrium. Despite the temporary setback, buyers remain firmly in control of the market and are likely to pursue further upward momentum.

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