The AVAX price prediction for this Thursday is tilted more to the bearish side, following Thursday’s general dip in the cryptocurrency market.
Thursday’s dip follows two days of gains in Avalanche and several other major cryptocurrencies, which temporarily heightened bullish AVAX price predictions. However, the slight drop in prices has brought everyone back to reality, and that is that there is still not enough bullish momentum to match the bull runs seen in the 1st and 2nd quarters of 2021.
The AVAX/USDT pair found support at the pink-coloured support zone, following the double top pattern of late December 2021 and 2 January 2022. The resultant bounce has run into the blue-coloured resistance zone (former neckline acting in role reversal). Where does this leave the Avalanche token in the absence of major market-moving news?
AVAX Price Prediction Outlook
The AVAX/USDT pair is trading within the range formed by a resistance zone (94.71/100.35) and a support zone (79.16/84.12). These are the key boundaries of note. The active candle has been rejected at the resistance zone, keeping the price action within the range. The pair needs to break the resistance zone to confront additional price targets to the north at 115.92 and 125.85. There is also the potential for a pitstop to form at 110.00 (17 November/29 December 2021 highs).
On the flip side, 72.92 and 61.27 are downside targets that only become visible if the bears can force a breakdown of the support zone. Otherwise, the price may remain within the range, with the support zone appearing as the first target for bearish action.