Avalanche price prediction is bullish for the current month and suggests AVAX crypto will hold the $9.00 support. AVAX price recovered 15% from the recent swing low and showed signs of a bullish trend reversal.
Buyers attempted to push the price above the 50-day EMA to reverse the short-term trend. However, due to the strong presence of sellers, AVAX crypto price faced rejection and formed a long-tail bearish candle.
Therefore, until the price sustains above the 50-day EMA, confirmation of a trend reversal will remain pending.
Recently, Avalanche crypto witnessed a massive increase in buying volume and the price also rose upward. It created hope for an upside reversal. But the recent price action shows that the previous up move is a bull trap.
AVAX crypto price lost 50% of its previous gains and returns back to the support. So, it will be risky to create fresh shorts at current levels.
Avalanche price is trading at $9.68 with an intraday decline of 4.06%. The 24-hour volume to market cap is 3.56%. The pair of AVAX/BTC is 0.0003510 with an intraday decline of -2.80%.
Will Avalanche Price Retest the October Month High?
Avalanche price prediction shows another pullback rally is possible in the current month. AVAX price is near to the demand zone and buyers are trying their best to rebound.
However, until AVAX crypto price is able to break out of the $11.88 hurdle prices are likely to trade with a mild bearish bias. The price behavior of Avalanche crypto is quite volatile so speculative activities are high.
The buyers need to be careful if any pullback rally triggers from the lower levels. The analysis suggests that AVAX price may recover in the coming week but will be difficult to test October highs.
AVAX Price Looks Oversold in Multiple Timeframe
AVAX price looks oversold in the daily, weekly, and monthly time frame chart. The sellers seem more active as compared to buyers. Therefore, the possibility of testing $12 by October end is low.
The MACD curve displayed a positive crossover and slopes upward indicate bullishness. Moreover, the histogram bar is green denotes strength. The RSI at 49 collapsed down from the overbought territory. But at present it is near the neutral zone and bears might lose their momentum.
Conclusion
Avalanche price prediction is bullish for October 2023 till it holds a $9.00 support level. The technical analysis suggests that AVAX price might show a short-term rise but it will be difficult for the bulls to test $12 by October end.
Technical Levels
- Resistance levels: $11.88 and $13.01
- Support levels: $8.61 and $8.00
