Avalanche price may hit another low before buying opportunity

fxstreet.com

The price of Avalanche lost 

0% of its market value in November. 

 Several signals point to a market bottom. 

 Revocation of deduction thesis is an offense over $1

. 

 The price of Avalanche fell catastrophically in November. On November 21, the bears made new monthly lows and extended the market's losses to 

%. As the bulls try to fight back, traders must decide which side of the trend they want to join. 

 AVAX Price Hits 

 Avalanche price has seen better days since the Ethereum-based token fell 

0% in November. Now that the bulls are trying to fight back against the bear attack, technical experts suggest that the price of AVAX has not yet found a solid base. 

 Avalanche is now up for auction for $12.72. Bears set a new monthly low of $11.

5. The new low shows less volume than the previous low that created last month's low of 11.92. The Relative Strength Index (RSI) shows a widening gap between the two lower lows, which is likely to tempt investors to open a long position and target the 21-day simple moving average of 14.67.

AVAX USDT 1-Day Chart 

 However, investors should be very cautious as the 8-day exponential moving average is hampering the ambitions of bulls. Also, the newly discovered volume shows no signs of backing down. This thesis suggests that AVAX price is headed for another low in the coming days. Targets are $10.50-$10.70 

 Generally, the price of Avalanche can be charged for a one-day drop. Traders may want to use healthier risk management techniques as there may be more volatility in the market. 

 Bill can be canceled if  bulls hit $1

. AVAX can change direction north soon if the level is broken and the rally goes up to $2

. Such a move would result in a 100 percent increase from the current price of the Avalanche.

🌐 source