Ethereum rival Avalanche is battling a major retracement move as AVAX price drops like a stone, and in other news, an under the radar Bitcoin mining project has hammered up to its $4 million milestone.
The retracement move, which has so far been well-defended by Avalanche bulls, appears to have been triggered by a historical resistance level around $20, which has so far rejected AVAX price action three times in 2023.
$SOL and $AVAX will have futures trading tomorrow in #Coinbase
This could bring these two alts higher and possibly closer to ETH price maybe but just noticed their DEX alts have same algo
Solana = Marinade $MNDE
Avax = Pangolin $PNG
So DYOR on these two tokens . Their…
— Lola (@CryptoLollla) November 14, 2023
However, market sentiment remains bullish, with traders hopeful of a Solana-style breakout pump by here, which some theorize could be fuelled by Coinbase listing AVAX futures trading later today.
AVAX Price Analysis: As Avalanche Battles Retracement Move Can AVAX Price Form Second Rally Leg?
Despite the ongoing battle with retracement, Avalanche is currently trading at a market price of $18.00 (representing a +11.91% 24-hour move).
The upside recovery comes as AVAX price reels from a massive -18.75% drop yesterday, as price action rejected impenetrable resistance around $20.
Now pushing up once more, Avalanche bulls are fighting to establish a strong consolidation level between $15.50 and $18, an area which formed a strong supply zone for 3 resistance tests back in Spring 2023.
Support here seems likely with the rapid ascension of the 20DMA (sat at $13.25) soon to provide supportive footing at the consolidation level.
This could poise price for a second retest of the overhead resistance level around $20, especially following the emergence of a golden cross with the 200DMA (sat at $12.25) on November 11.
Yet, some cause for concern emerges from the overheated RSI, which is currently displaying substantial bearish divergence at 71.72 – suggesting price needs to consolidate or retrace ahead of another push up.
However, this meets with contrast from the MACD indicator, which is displaying bullish divergence at 0.54 – reflecting the strong buy pressure fuelling rally momentum.
Overall, AVAX price looks extremely strong here, with a much-needed retracement move quickly eaten up to establish a health consolidation zone around historic support, poising AVAX for a second rally leg once the ascendant 20DMA catches up.
This leaves AVAX with a short-term price target above $20, around historic support at $21.75 (a potential +21.92%).
While downside risk for AVAX price from here finds significant lower support nearby at $15.58 (a possible -12.67%).
AVAX price action therefore carries a current risk: reward structure of 1.73 – a reasonable entry with good returns, and certainly not going to zero anytime soon.
And in other news, amid a surge in Bitcoin mining activity, a new Bitcoin cloud mining presale has hammered up to a whopping $4m raised in a presale skyrocket – here’s why.
AVAX Price Retracement Alternative? Don’t Sleep on Bitcoin Minetrix as Presale Explodes Nearly $4M Raised
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
The post Is Avalanche Going to Zero? AVAX Price Drops Like a Stone as Under-the-Radar Coin Achieves $4 Million Milestone – What’s Going On? appeared first on Cryptonews.
