Avalanche Price Prediction: AVAX ETF Rumors Boost Price!
Recently, after the approval of #Ethereum✅ #ETF✅ , the ETF application #Solana created a hype on the Solana front. Solana's rival Avalanche also rose in a similar scenario, gaining 8% on the same day.
The price of $AVAX reached a yearly peak in March but then began a slow decline, creating a falling wedge in the process. Falling wedges are bull market structures that have a higher chance of breaking to the upside.
Avalanche price action has moved above the 50-day simple moving average (SMA) but is still below the 200-day SMA. The AVAX 14-day relative strength index (RSI) has rebounded and moved above the RSI moving average (MA), after falling into the oversold territory on Monday. Located at 43, the RSI is approaching the midpoint and looking at the 60 level, where the first example of resistance exists.
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If AVAX price breaks above the falling wedge, it could result in a 76% rally that would catapult the price to $58. On the other hand, if the bears continue, Avalanche price could decline further and find support near $23.51 and $19.54.
On a lower time frame, AVAX price broke out of the inverse head and shoulders formation. The profit target for the market structure predicts that the Avalanche price will experience another 7% increase in a short time. This could bring the Avalanche's price to $30.07.