- AVAX price is one of the few altcoins that have ignored the broader cryptoc market sell-off.
- New all-time highs and a new historical all-time high closes continue.
- AVAX price could move another 20% higher before facing meaningful resistance.
AVAX price continues its phenomenal rally, pushing beyond the $100 value area, and shows little sign of slowing down.
AVAX price to continue higher, first resistance test for bulls is at $122
AVAX price isn’t done with its current bullish expansion phase. At first glance, the oscillators indicate extreme overbought levels in the Relative Strength Index and regular bearish divergence in the Composite Index. However, those levels hint at continued movement higher as opposed to lower.
The key oscillator value to watch is whether the Composite Index line crosses above its fast moving average (red moving average). If that happens, then the regular bearish divergence currently present will likely be invalidated. In addition, a cross above that moving average will likely provide the momentum needed to see the Relative Strength Index move to the final overbought level at 90.
In a scenario where the Relative Strength Index moves from 80 to 90, the most common behavior traders will likely see a ‘blow-off top.’ AVAX price would flash-spike higher and hit the 100 Fibonacci expansion at $120 – where it will likely find some selling pressure. There is a possibility that the ‘blow-off top’ could extend even higher to the 161.8% Fibonacci expansion at $165.
AVAX/USDT Weekly Ichimoku Chart
Unlike Bitcoin and Ethereum, AVAX does not have extended gaps between the candlestick bodies and the Tenkan-Sen. But AVAX price does have an increasingly expanding gap between the close and the Kijun-Sen. As a result, a retracement to the Kijun-Sen, currently at $63, is increasingly likely the higher AVAX moves. Additionally, the retracement would likely occur with little warning and would happen over a brief period of time.