Ethereum rival Avalanche is battling a major retracement move as AVAX price drops like a stone, and in other news, an under the radar Bitcoin mining project has hammered up to its $4 million milestone.
The retracement move, which has so far been well-defended by Avalanche bulls, appears to have been triggered by a historical resistance level around $20, which has so far rejected AVAX price action three times in 2023.
$SOL and $AVAX will have futures trading tomorrow in #Coinbase
This could bring these two alts higher and possibly closer to ETH price maybe but just noticed their DEX alts have same algo 👇
Solana = Marinade $MNDE
Avax = Pangolin $PNGSo DYOR on these two tokens . Their…
— Lola (@CryptoLollla) November 14, 2023
However, market sentiment remains bullish, with traders hopeful of a Solana-style breakout pump by here, which some theorize could be fuelled by Coinbase listing AVAX futures trading later today.
AVAX Price Analysis: As Avalanche Battles Retracement Move Can AVAX Price Form Second Rally Leg?
Despite the ongoing battle with retracement, Avalanche is currently trading at a market price of $18.00 (representing a +11.91% 24-hour move).
The upside recovery comes as AVAX price reels from a massive -18.75% drop yesterday, as price action rejected impenetrable resistance around $20.
Now pushing up once more, Avalanche bulls are fighting to establish a strong consolidation level between $15.50 and $18, an area which formed a strong supply zone for 3 resistance tests back in Spring 2023.
Support here seems likely with the rapid ascension of the 20DMA (sat at $13.25) soon to provide supportive footing at the consolidation level.
This could poise price for a second retest of the overhead resistance level around $20, especially following the emergence of a golden cross with the 200DMA (sat at $12.25) on November 11.
Yet, some cause for concern emerges from the overheated RSI, which is currently displaying substantial bearish divergence at 71.72 – suggesting price needs to consolidate or retrace ahead of another push up.
However, this meets with contrast from the MACD indicator, which is displaying bullish divergence at 0.54 – reflecting the strong buy pressure fuelling rally momentum.
Overall, AVAX price looks extremely strong here, with a much-needed retracement move quickly eaten up to establish a health consolidation zone around historic support, poising AVAX for a second rally leg once the ascendant 20DMA catches up.
This leaves AVAX with a short-term price target above $20, around historic support at $21.75 (a potential +21.92%).
While downside risk for AVAX price from here finds significant lower support nearby at $15.58 (a possible -12.67%).
AVAX price action therefore carries a current risk: reward structure of 1.73 – a reasonable entry with good returns, and certainly not going to zero anytime soon.
And in other news, amid a surge in Bitcoin mining activity, a new Bitcoin cloud mining presale has hammered up to a whopping $4m raised in a presale skyrocket – here’s why.
AVAX Price Retracement Alternative? Don’t Sleep on Bitcoin Minetrix as Presale Explodes Nearly $4M Raised
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Bitcoin Minetrix Smashes $3.95M Raised as Traders Rally Against Bitcoin Mining Centralization
No longer the mainstay of basement ASICs, Bitcoin mining is now a multi-billion dollar industry, but with the success of Bitcoin mining centers comes the challenge of increased centralization.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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