In the first two months of the year, Bitcoin price achieved similar peaks on the same days, and altcoin investors are in an excited wait. While the BTC price consolidates at higher levels, altcoins also find opportunities to rise. What would be the price of AVAX Coin if one of these opportunities arises soon? What are the current price predictions?
Avalanche (AVAX) Commentary
Looking at the weekly chart, we see that the price of AVAX Coin has recovered since its jump on January 22. Although cryptocurrencies lost value quickly after the “sell the news” event, they managed to reclaim significant levels, even if they didn’t recover as strongly as BTC. AVAX price has also confirmed the region that acted as resistance in May 2022 as a horizontal support area.
In the last weekly candle, the bulls were clearly active, but the price did not surpass its most recent peak. The weekly RSI does not provide a clear reading, but the recovery could continue as long as the BTC price remains strong. At the time of writing, the price was at $38.8.
AVAX Price Predictions
The short-term future of the AVAX price cannot be confirmed due to complex readings on the daily chart. Similar to the weekly chart, there are mixed signals here as well. On the daily chart, the AVAX price has been increasing within a rising parallel channel since January 22. This formation often precedes corrective movements.
On February 10, the AVAX price was rejected from the channel’s resistance line and is struggling to surpass the $40 resistance area. Despite the recent rejection, the daily RSI supports a bullish trend. Popular crypto analyst InmortalCrypto believes the price will follow Solana.
“If the SOL rally accelerates, AVAX will follow.”
Due to these mixed readings, the reaction to the $40 area will play a significant role in determining the future trend. In other words, the end-of-month price prediction will largely depend on the response to the $40 resistance area. If there is a successful upward breakout, the price could reach the $50 peak before the end of February.
Conversely, if we see a correction from here, a pullback to the nearest support at $33 and then to $31 is likely. For now, as long as BTC remains strong, there are more reasons for the bulls to believe in an optimistic scenario.