AVAX Technical Analysis: Price Likely to Reach $100 Before the Bears May Try to Take a Stronger Position

Past Performance

AVAX opened at $64.50 on November 1, 2021. It closed at $87.71 on November 8, 2021. This was an overall change of 35.98% across the week. The 24-hr high was $92.41, whereas the 24-hr low was $82.26.

AVAX Technical Analysis

The bulls are taking control of the market today as well. Besides, the price is likely to reach $100 before the bears may try to take a stronger position. This can be seen as the current trading price is 6.21% higher than the previous day’s close.

The OBV is showing the dominance of buying pressure over selling pressure. This is a bullish signal, meaning that the AVAX traders may take a long position here.

RSI is showing a straight, inclined line entering the overbought region at 75.34%. This is a negative signal as a trend reversal may be seen. However, it is also common for the RSI to remain in this region for a while before the trend reversal.

The MACD is following the price chart’s trend line as both the MACD line and the Signal line are positive. No divergence of the MACD graph from the price chart can be seen.

On November 5, 2021, AVAX was declared as the Coin of the Month by Voyager.

Day-Ahead and Tomorrow

Fibonacci Retracement shows that the AVAX price has recently crossed the Fib level at $82.89 after crossing the pivot at $73.01. The next Fib level is at $98.88.

Thus, the traders may take a long position here as the indicators are more on the bullish side. They can keep the target at $100. Traders may watch out for a trend reversal according to the RSI’s signal, and thus may keep a stop-loss at $81.