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Bullish Avalanche (AVAX) Will Hit $71 Soon?

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Bullish Avalanche (AVAX) Will Hit $71 Soon?
  • Avalanche’s first desktop wallet launched version 2.0.
  • AVAX price will also hit its strong resistance level of $71 soon.
  •  we can also expect AVAX price may regain its lost position.

A layer one blockchain that functions as a platform for decentralized applications (dApps) and custom blockchain networks is Avalanche. Recently, Avalanche’s first desktop wallet launched version 2.0. The new features in version 2.0 are quite compatible with all the DApp on Avalanche blockchain. With this new update, Avalanche (AVAX) could climb up to its peak in the forthcoming days. Avalanche’s (AVAX) price will also hit its strong resistance level of $71 soon.

Accordingly, in the time of mid-may, the AVAX price experienced a huge crash after this now the asset went parabolic. After witnessing the ups and downs, AVAX has shown a bullish sign and surge over $60. Eventually, with the latest drop and corrections, the AVAX price chart has formed the w-shaped pattern and broke the resistance level, and moved upwards.

Furthermore, since the mid of August, the AVAX platform has undergone an immense surge of volume, which has given huge confidence and a boost to the price. After the recent up and downs from $60 to nearly $50 and also reached the resistance level. Therefore, as forementioned, AVAX formed a w-shape. Henceforth, with a recent gain in AVAX price, the asset broke the next resistance level and moved towards a strong resistance level at $71. If it breaks the resistance level then we can expect a new all-time high (ATH) soon.

AVAX Current Market Status 

As per CoinMarketCap, AVAX’s price has been trading at $66.73 with a 24-hour trading volume of $539,966,583. AT press time, in the last 24 hours, AVAX price has increased by over 1.90%. The circulating supply of AVAx is 220,286,577.21 AVAX. It can be traded in top crypto exchanges such as Binance, Coinbase, Huobi Global, Bitfinex, Gate.io, Kucoin, and more.

More so, currently, the chart displays an ascending channel pattern, if this trend continues then the levels at 1.4 FIB levels at $126 could be an achievable target. And we can also expect Avalanche’s (AVAX) price may regain its lost position and reach more heights will the new ATH.

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Ethereum Remains Supported, What Could Spark Fresh Rally

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Ethereum traded above $4,400 before correcting lower against the US Dollar. ETH must stay above $4,150 to start a fresh increase in the near term.

  • Ethereum started a fresh upward move above the $4,200 and $4,250 resistance levels.
  • The price is now trading above $4,200 and the 100 hourly simple moving average.
  • There was a break above a key contracting triangle with resistance near $4,310 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh rally if it stays above $4,200 and the 100 hourly SMA.

Ethereum Price Remains Supported

Ethereum gained pace above the $4,000 and $4,150 resistance levels. ETH even broke the $4,250 level and settled well above the 100 hourly simple moving average.

The price climbed above $4,400 and traded as high as $4,426. It is now correcting gains and traded below the $4,350 level. Ether price declined below the 23.6% Fib retracement level of the recent increase from the $3,901 swing low to $4,426 high.

However, the bulls were active near the $4,250 level and the 100 hourly simple moving average. It is now rising and trading above $4,300.

There was a break above a key contracting triangle with resistance near $4,310 on the hourly chart of ETH/USD. An initial resistance on the upside is near the $4,350 level. The first major resistance is near the $4,400 level. The next major hurdle is near the $4,520 level.

Source: ETHUSD on TradingView.com

A clear move above the $4,420 could send the price further higher. In the stated case, the price could drift towards the $4,550 level in the near term.

Dips Limited in ETH?

If ethereum fails to start a fresh increase above the $4,350 level, it could extend its downside correction. An initial support on the downside is near the $4,300 level. The key support is now forming near the $4,250 level and the 100 hourly simple moving average.

If there is a clear break below the $4,250 support, the price could extend losses. The next major breakdown support is $4,150 or the 50% Fib retracement level of the recent increase from the $3,901 swing low to $4,426 high, below which the price could decline towards $4,000.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now well above the 50 level.

Major Support Level – $4,250

Major Resistance Level – $4,400

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TA: Bitcoin Consolidates Gains, Why Dips Could Be Limited Below $50K

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Bitcoin extended its recovery above $51,000 against the US Dollar. BTC must remain stable above $49,500 to continue higher in the near term.

  • Bitcoin started a recovery wave above the $50,500 resistance zone.
  • The price is now trading above $50,000 and the 100 hourly simple moving average.
  • There was a break below a connecting bullish trend line with support near $50,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a fresh increase if it is above the $49,500 level.

Bitcoin Price Loses Steam

Bitcoin price extended its recovery wave above the $50,000 resistance zone. BTC even climbed back above the $50,500 and $51,200 resistance levels.

However, the price failed to surpass the $52,000 resistance zone. A high was formed near $51,955 and the price is now correcting gains. There was a break below the $51,000 support zone. The price declined below the 23.6% Fib retracement level of the upward move from the $47,210 swing low to $51,955 high.

There was also a break below a connecting bullish trend line with support near $50,800 on the hourly chart of the BTC/USD pair. The pair is now trading above $50,000 and the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com

An immediate resistance on the upside is near the $51,000 level. The next major resistance is near the $51,800 level. A clear break above the $51,080 resistance zone could open the doors for more upsides. The next key resistance is near the $52,000 level, above which the price could rise further. In the stated case, the price could rise towards the $53,500 level.

More Losses In BTC?

If bitcoin fails to clear the $51,800 resistance zone, it could continue to move down. An immediate support on the downside is near the $50,000 level.

The first major support is now forming near the $49,500 level and the 100 hourly SMA. It is near the 50% Fib retracement level of the upward move from the $47,210 swing low to $51,955 high. A downside break below the $49,500 support may perhaps increase selling pressure. The next stop for the bears might be $48,000.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.

Major Support Levels – $50,000, followed by $49,500.

Major Resistance Levels – $51,800, $52,000 and $53,500.

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Ethereum Strength Sends Bitcoin Ratio To 2018 Highs

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As Bitcoin (BTC) is coming out of a harsh weekend with a 5% drop and a huge sellout, ether (ETH) still maintains its strength in comparison, which has been happening since October. Arcane Research’s weekly update shows that the ETHBTC pair reached its highest level since May 2018 reaching 0.085 BTC, seeing possible signals of maturity and an upcoming alt-season.

Source: Arcane Research weekly update

In 2021, ETH has shown greater strength than bitcoin. The cryptocurrency could be signaling its maturity as it sees higher lows –compared to BTC– than it did in 2017 and 2018.

However, Arcane Research noted that back in 2021 and 2018 the strength of ETH and altcoins’ performances in periods when BTC saw lows also signaled lower prices to come, so a similar scenario could happen during 2021’s fourth quarter.

The current ETHBTC pair peak is similar to the one seen in May, which was followed by May 19th’s crash during massive liquidations and new buyers panic –which some users called the second worse day ever for Ethereum, although similar phenomenons had happened in earlier years–. Then, the ETHBTC pair saw another spike at the beginning of September as Bitcoin saw lows on the 7th.

Furthermore, we could be facing froth in the market as altcoin’s strength has signaled before.

Ether was also down on Saturday but surged to the mentioned 0.086 Bitcoin high during Sunday. The price dropped 5.5% on Monday to $3,965, and overall, it traded down by 0.51% in the past week compared to BTC’s 10.06% decline.

Today, the Ethereum price is up again around $4,352.74, up 2.93% in the day-to-day, surging more than 24% from the low. Even though it’s 9% away from its all-time high, it is also 496% up in comparison to 2021’s early days. ETH also shows a 24-hour trading volume of $23,566,690,676 and a market cap of $512,648,545,331.

Ethereum
Ethereum trading at $4,352 in the daily chart | Source: ETHUSD on TradingView.com

Related Reading | Ethereum “Accumulation” Nears Liftoff Phase: What This Could Mean For Bitcoin

Bitcoin Dominance Sees New Lows

Today, Bitcoin’s dominance is 40.65%, seeing no increase over the day. It had fallen towards 40% on December 5th as it saw its newest bloodshed. BTC also saw its dominance drop in September and May, but it has not seen other lows alike since May 2018.

As the crypto market started to fall on Friday –with 372,000 liquidated crypto accounts by Monday totaling $2.3 billion-, Saturday’s early morning saw bitcoin drop $10,000 in price, going from around $57,000 to $47,000.

Over the weekend, the drop reached a $14,000 loss and experts saw no clear reason for it, but since then traders have suggested a connection with the fear around the Omicron variant plus market moves exaggerated by lower trading liquidity.

Compared to its November all-time-high, BTC is down by $21,000, but also up over 75% in all 2021. The price has climbed back up to over $50,000, more than 4% higher, and the total crypto market cap surged 5% to $2.5 trillion.

1638922256 35 Ethereum Strength Sends Bitcoin Ratio To 2018 Highs
Bitcoin trading at $51,258 in the daily chart | Source: BTCUSD on TradingView

Some expect a hard end of the year for Bitcoin as it has not shown its regular strength, but at the same CNBC quoted Will Clemente, insights analyst at Blockware Solutions, who thinks these dynamics are “healthy and show supply continues to move to long term investors” and BTC could actually see a new bull run at the start of next year:

There’s a reasonable case that we could see the opposite effect heading into Q1, as funds are willing to take on more risk for the new year with fresh profit and loss, … This effect assisted in bitcoin’s massive move in January 2021.

Related Reading | Ethereum Lacks Momentum Above $4,200, But Dips Likely To Be Limited

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