The price for Avalanche ‘s AVAX is ready for a new upswing as it reaches a new ATH of $81.50. The bullish breakout will be confirmed in the case of a closure above the supply zone at $80.
AVAX’s price bounced off the middle boundary after it was on a downwards parallel channel on October 19th and started an upswing that has pushed Avalanche to a new ATH of $81.50 today. In the case that the upswing continues, experts say that Avalanche may go beyond the $100 level.
The Avalanche Is Unstoppable
The price of AVAX rallied by 165% from $30.56 on September 7th to $81.07 on September 23rd as a result of the network raising $230 million in a private token sale. But what followed was a correction that created a descending parallel channel on the daily chart.
The price correction was stopped by support from the demand zone which stopped AVAX from falling lower between October 12th and October 19th. During this time, bulls were able to regroup and gain momentum while some investors took advantage of the dip. This resulted in a 51% move up that flipped the 50-day Simple Moving Average (SMA) from resistance to support and left the descending channel to go and reach an ATH of $81.51.
Currently, the price of AVAX is staying at the $77.85 level and it seems to be exploring new highs on its journey towards $100. This will happen in the case that the daily closure will be at the psychological level of $80.
It is obvious that the bulls are now stronger than the bears and in control of the price of Avalanche thanks to the upsloping moving averages and the entry of the Relative Strength Index (RSI) indicator into the overbought zone.
Still, there is a chance for the bulls to be disappointed in the case that the price of AVAX goes below the supply zone at $76.90. In this case, AVAX would also drop the $70 support wall.