This Altcoin is Approaching the End of Consolidation: A 70% Upswing May Soon Begin
The post This Altcoin is Approaching the End of Consolidation: A 70% Upswing May Soon Begin appeared first on Coinpedia Fintech News
The volatility within the markets has been varying finely since the top cryptos have been fluctuating vigorously. Amid growing speculations of BTC & ETH forming a new ATH in the coming weeks, the altcoins have gained strength. Among them is Avalanche, which has managed to accumulate over 16% in weekly gains and has incurred a minor pullback of 3%, probably due to bull’s exhaustion.
The price was stuck within a diagonal resistance line, which had maintained a descending trend for quite a long time. The latest price action has caused the price to break out of the range, which was accompanied by high volume, reinforcing the bullish narrative. Besides, market sentiments have turned extremely bullish ahead of the approval of the spot Ethereum ETF. The AVAX price has reached the apex of the consolidation and hence, one bullish push is expected to trigger a 40% surge soon.
The 4-hour chart of the AVAX price shows the price has reached the local highs and hence may be prone to a minor pullback. This may cause the Ethereum competitor to enter the parallel channel that it had broken a few days before. The RSI is also testing the ascending trend line and the DMI is closer to going bearish as ADX is also about to display a bearish divergence.
Given the above scenario, the Avalanche price may either rebound before hitting the lower support or, as previously stated, slide below $37 and initiate a new upswing just before the day’s close. However, in either case, the bulls are believed to trigger a strong rebound after the end of the bearish consolidation, which may cause a 40% upswing to reach $60 by trading within an accumulated range.
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