Avalanche is undoubtedly the top performer in the top 10 and the most visible DeFi token besides UNI in the past week of trading.
Judging from the series of higher highs in the past few weeks, AVAX is on traders’ radar.
Avalanche Market Overview
Of note, AVAX prices have successfully vanquished sellers. Buyers are still dominant despite Asian losses, sustaining prices at around all-time highs.
Technically, AVAX may further surge to new territories in the subsequent trading sessions, finding another zone for price discovery.
At the time of writing, AVAX is down 13 percent on the last trading day.
Even so, there is interest from the broader trading community. Trading volumes are high, signaling market confidence, the required fuel to drive AVAX towards $100—the 1.618 Fibonacci extension level of the H1 2021 trade range.
There are subtle indicators of this happening as per the candlestick arrangement in the daily chart.
One is the series of higher highs and rejection of lower lows of September 7.
Besides, AVAX bull bars are aligned along the upper BB, breaking above September highs in a buy trend continuation pattern.
This suggests high underlying momentum and volatility, offering an opportunity for aggressive traders for another possible 70 percent surge from spot rates to triple digits of $100.
Avalanche Market Movers
The Avalanche platform offers a unified solution for DeFi dApps, enabling trading and much more in its quest to be a global assets exchange. The protocol is also the first blockchain to offer sub-second transaction finality.
One of the first investors of the protocol is Emin Gun Sirer.
Under their Avalanche Rush program, the team is keen on growing its ecosystem. Under the Avalanche Rush program, the team aims to incentive DeFi dApps to launch on its ecosystem. They aim to airdrop $180 million of AVAX from the Avalanche Foundation. The latest is Pangolin—a DEX, joining the protocol’s incentive program with a $2 million reward in AVAX.
Already, Avalanche is teeming with exciting projects beyond DeFi. Its NFT community is growing; the coin’s liquidity is rising and is a contender as one of the most valuable DeFi-centric platforms globally. Additionally, the protocol can connect to other chains as the team develops cross-chain bridges.
Avalanche Price Analysis
At the time of writing, AVAX is down 13 percent on the last trading day, contracting from last week’s all-time highs.
Nonetheless, the coin is within a bullish breakout pattern and AVAX prices are above September 2021 highs. Despite the cool off, the token bars are banding along the upper BB, an indicator of demand.
At this pace, every low might offer entries for aggressive traders targeting $100—the 1.618 Fibonacci extension level of the H1 2021 trade range. That would be a near 70 percent price expansion from spot rates, an opportunity for aggressive traders.
Even so, an unexpected dump below $55 (on the more conservative end, $40) nullifies the uptrend, opening doors for a possible correction.
Disclaimer: Opinions expressed are not investment advice. Do your research.
