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Bitcoin price surged hours ago, approaching the $28,000 mark again after strong employment data. However, the ongoing selling pressure at resistance levels only benefits short-term traders. When volatility increases, this group also experiences the most significant losses. So, what is the current situation regarding AVAX Coin?
Avalanche (AVAX)
AVAX started the year 2023 with a 1-0 disadvantage as investors were aware that inflation would be around 40% due to the announced unlocking program. With the fluctuations in BTC price added to these factors, AVAX dropped below $9 after years. Most altcoins remained stagnant while BTC was rising, causing many cryptocurrencies to reach new all-time lows or approach these levels.
At the time of writing, AVAX is trading just below the long-term resistance level of $10.8. The previous critical resistance area at $9.8 was successfully surpassed.
The daily chart readings indicate that AVAX price has fallen below a declining resistance trend line since April. This decline led to a dip zone at $8.61 in September. Exiting the trend line in October, AVAX achieved a significant gain after 165 days. Since then, the price has increased by 25%.
AVAX Coin Price Predictions
The daily RSI supports the continuation of the upward movement. Short-term readings on the six-hour chart reinforce the positive sentiment brought about by the ongoing breakout. Confirming support as resistance areas, such as at $9.8, is typical for AVAX.
If the upward movement continues, it is likely for the AVAX Coin price to test $12.3. However, a sudden loss of momentum and failure to close above $10.8 could quickly push the price back to the $9.8 region. The daily closing of BTC, which has tested the $28,000 level multiple times this week without success, will be decisive. Additionally, the increase in support from Stars Arena and BTC targeting $30,000 are significant factors to consider.
