Avalanche Price Set To Rise To $30.00 If Traders Wake Up From A Deep Sleep | Cryptocurrency

  • Avalanche price is about to trigger a bullish move to $30.00, but first the bulls need to break through a descending channel resistance.
  • Positive investor sentiment aligns with rising social volume to cement AVAX’s bullish outlook.
  • In the wake of extremely oversold conditions, attention turns to the resistance levels at $20.00 and $24.00, respectively.

Avalanche price is taking small but calculated steps to successfully emerge from the troubled waters it has been stuck in for over three weeks. The bears have taken shape in a descending channel, indicating that traders should first break free from these strong bearish channels before extending their gaze to higher price levels at $24.00 and $30.00. sequentially.

Investors rally at Avalanche price for a bullish outcome

The number of mentions surrounding Avalanche and its native token AVAX increased incredibly on Friday, as featured below. A look at the platform’s social media did not directly point to the cause of the surge in discussions. However, the Avalanche team is focused on supporting projects within the ecosystem, especially those in Web3.

The team also uses its market position to support talented artists with their non-fungible token (NFT) assets. One such artist is TapTapKaboom – with a collection of NFTs, the latest of which dubbed “For Love”. It is “a collection of 10 unique pieces that tell a mythical story of discovery, death and ‘The Doodleverse'”.

Avalanche Social Volume/Positive Sentiment

Cryptocurrency projects like Avalanche often step back to focus on development and building collaborations during bear market times. Investor sentiment often turns positive, aided by new partnerships, community support and strategic development. Subsequently, the price of Avalanche can build on this positive momentum to change the course of the uptrend.

Is Avalanche’s price breakout in the works?

As reported on Thursday, AVAX price reached extremely oversold conditions this week. However, the path of least resistance may move north as the stochastic oscillator rises from the oversold region. The trend strength indicator should continue to widen the divergence above the corresponding moving average to support the uptrend.

AVAX/USD daily chart

AVAX/USD daily chart

A period of consolidation may ensue before Avalanche price makes the crucial descending channel swing. Therefore, conservative traders should consider exiting their positions at $20.00 and $24.00, with the most bullish holding at $30.00. On the downside, support at $17.50 is in line to prevent AVAX from revisiting June lows at around $13.50.

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Avalanche Price Set To Rise To $30.00 If Traders Wake Up From A Deep Sleep | Cryptocurrency

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