Avalanche has re-entered price discovery mode after a prompt recovery.
Key Takeaways
- Avalanche is up more than 20% in the last 48 hours.
- The upswing helped AVAX break $100 for the first time.
- The technicals point to further continuation of the uptrend.
- Avalanche continues to climb. Further buying pressure could push AVAX toward a new all-time high of $127.
Avalanche Breaches Record Highs
Avalanche is back in price discovery mode and has entered triple digits territory. The 12th-ranked cryptocurrency by market cap quickly recovered from the recent market-wide crash, rebounding by more than 20% in the past 48 hours.
AVAX recorded a new all-time high of $105 this afternoon as the bullish impulse increased its market value by over 20 points. While AVAX has already posted significant gains, the Layer 1 coin looks poised for further gains.
AVAX broke out of a symmetrical triangle on Nov. 7 after enduring a two-month-long consolidation period. The bullish continuation pattern now anticipates that AVAX could rise by another 20% toward a new record high of $127.
The optimistic target is determined by measuring the distance between the two highest points of the triangle and adding it to the breakout point. Avalanche’s rise comes as the rest of the market suffers; Bitcoin, Ethereum, Solana, Cardano, and many other leading crypto assets are down today following Monday’s crash.
It is worth noting that the Fibonacci retracement indicator, measured from the Sep. 8 low at $32.87 to the Sep. 23 high of $79.60, suggests that Avalanche could face resistance at $108 on its ascent.
Avalanche is currently sitting on top of several support barriers that could contain any spike in profit-taking. The 141.4 Fibonacci retracement level at $99 and the 127.2 Fibonacci retracement level at $92.30 could slow down any attempts by the bears to push prices down.
More importantly, AVAX must continue to trade above $80 for the optimistic outlook to be validated.