Avalanche (AVAX/USD) was trading about 6% lower on Thursday after the broader market experienced a deep sell-off. Avax was on the watch list of many investors after the jüngsten rise, where the price went from $ 50 to $ 145. Investors who missed the rally have been looking for Möways to get into Avax in the correction phase, in which Avax is currently trading.
Avax has corrected itself by over 40% against the November high, and this could be a great opportunity for investors. However, it is crucial for investors to be patient and not to get in too early. Avax has moved sideways in a tight range, which indicates a large movement in the coming days. When the correction is over, Avax could reach a new all-time high. Is this the right time to get into Avax?
Here’s what the charts indicate:
Avax experienced a huge rally of over 150%, which helped him reach a new all-time value of $ 147. Thus, this could be the reversal zone for Avax.
Avax has been consolidating in a very tight range this week, which could be a sign that a big move is coming soon. However, this does not mean that investors should take long positions now, as the price could rise sharply in both directions and the price could therefore also fall. Therefore, investors should wait for a significant breakout of the zone before entering long entries.
Investors should also wait for Avax to break through the 50-day moving average, which would be the best bullish trend.
Long entries below the $84 zone should be avoided as it is a crucial support zone.
A target of $ 110 can be set, followed by $ 130. A new all-time high could also be reached in the coming months.
Should you buy the dip in Avax on Thursday? appeared first on Coin Hero.