Avalanche (AVAX) closed Friday’s session trading on the red and has continued that weakness well into Saturday. The coin has fallen for three consecutive days. But even with this somewhat bearish trend, there is enough upside for more gains in the near term. Analysis to follow below but first, some highlights:
Bear pressure has seen AVAX lose nearly 18% in two days.
The coin is currently trading at $82.78, down around 2% in 24 hours
The key is to hold the coin above $80 in the coming days.
Data Source: Tradingview
Avalanche (AVAX) – Can it go to $110?
It's hard to see any path towards $110 for AVAX given the recent price movement and broader risks in the market. But when you look at the history of AVAX and its performance, this is not a big hurdle.
In fact, after hitting lows of $53 in January, the coin has surged by nearly 80%. It won’t be a surprise if we see such gains again. The key is to keep the price above $80. At press time, the coin was trading at around $82.
We also think that the current retracement seen over the last three days will stop at $80 before there is enough demand to push AVAX further. The coin also remains above its 20-day EMA, suggesting more bullish strength. If bulls hold the $80 support, then a swing up towards $110 is very feasible.
Is Avalanche (AVAX) worth looking at?
When analysing coins worth buying in the crypto market, there is no doubt that Avalanche (AVAX) will be among the top ten. It is a very promising project that has some decent things in its favour.
The $80 mark is a good entry zone for those who have not bought into AVAX yet. The coin is likely to offer outstanding value in the longer term.