Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the author’s opinion.
- AVAX hit a vital demand zone of $16.8 – $17.51.
- An growing open curiosity might enhance the restoration.
Avalanche [AVAX] might provide bulls hope if the $16.8 – $17.5 assist zone prevents additional plunge. To this point, the assist vary has change into a key demand zone thrice, providing bulls reprieve from an prolonged value drop. The fourth retest, at press time, supplied discounted costs that would entice new shopping for alternatives.
Learn Avalanche [AVAX] Worth Prediction 2023-24
Can the demand zone maintain the plunge?
Supply: AVAX/USDT on TradingView
Previously few weeks, AVAX traded between key demand and provide zones ($17 – $22). On the 12-hour chart, the Relative Power Index (RSI) rebounded close to the oversold territory, displaying that purchasing stress picked momentum.
Furthermore, there might be a MACD (transferring common convergence divergence) bullish crossover within the subsequent few hours/days, which might verify the uptrend. Such an prevalence might provide bulls a sign of a powerful restoration.
Threat-averse bulls might watch for a retest of a pullback on the demand zone earlier than coming into lengthy positions. The availability zone of $21.0 – 22.5 would be the goal – providing a possible 20% hike within the subsequent few days/weeks.
Nonetheless, key obstacles at $18 and $20 are value watching. Bulls may also face one other key resistance degree at $23.7 in the event that they overcome the promoting stress on the provide zone.
A break beneath the demand zone ($16.8 – $17.5) will invalidate the bullish thesis. The drop might sluggish in direction of $15.84 or $14.23, providing shorting alternatives at these ranges.
AVAX’s open curiosity elevated
Supply: Coinglass
In accordance with Coinglass, AVAX’s open curiosity (OI) fee elevated considerably by press time after steadily declining up to now week. The OI surge on the time of writing advised a major demand for AVAX within the futures market – a bullish sign.
How a lot are 1,10,100 AVAXs value at the moment?
If the OI will increase after AVAX cross above $18, it is going to denote an growing bullish momentum which might push the asset towards the provision zone of $22. Nonetheless, the restoration might be undermined if Bitcoin [BTC] drops beneath $23k.
Subsequently, bulls might monitor a bullish MACD crossover (golden cross), OI, and BTC value motion earlier than making strikes.