The end-of-the-week review of some of the actionable analyses on this site features a pair I analyzed a few days ago: AVAX/USDT. At that time, the AVAX price prediction was for additional bearish action to follow a break of the support zone (in pink colour) and the ascending trendline that connected the lows of 12 October 2021 to 10 January 2022.
This AVAX price prediction has played out, as the selloff in the crypto market of Thursday 20 January, took out these support zones, thus opening the door for additional bearish action.
The Avalanche network took in yet another blockchain project; 1inch. The 1inch network will launch on the Gnosis and Avalanche chains. This has been made possible from a $175m funding round. However, the market is responding to FUD sentiment, and such news will only kick in positively when the general negativity around the crypto market rises.
AVAX Price Prediction
The breakdown of the ascending trendline and the support zone at 84.12/79.16 confirms the double top pattern on the daily chart. The door is now open for the bears to target sequential downside pivots at 72.92 initially before 61.27 and 52.99 come into view. The measured move is expected to terminate at 52.99 but requires additional selling momentum to follow through.
On the flip side, the bearish sentiment changes if the price can breach the ex-support zone that now functions as a resistance, taking out the ascending trendline (now also a resistance) and the previous resistance zone with 100.35 as its ceiling. This move would lead to clear skies for the bulls to aim for 115.92 and lines up 125.85 to become an ambitious target to the north.
AVAX/USDT: Daily Chart
