AVAX prices were predicted to reverse upwards as they reached the support area of $70. However, this did not happen. Today’s prices are leaning towards another bearish price-action where prices might reach another low for the year. How could the Avalanche price continue in the future? When would be an ideal time to buy AVAX again? In this AVAX price prediction, we analyze what happened recently and estimate a good buy zone.
When to Buy AVAX again?
Since Avalanche price failed to form a new uptrend at the $70 mark, we anticipate the price to drop to the next $62 support. After breaking the $62 support, the price might rally a bit again. However, one should wait and see how Bitcoin prices develop in the near future. If the Bitcoin price falls to $30,000, the Avalanche price could also briefly fall below $62. A current Bitcoin forecast can be found here.
If Avalanche price breaks support and fails to recapture it in a short period of time, prices sink even further. In this case, we assume prices below $50. But more on that as soon as the price hits the support.
Will AVAX go up soon?
AVAX price has been forming a trend line for the past few months which is heading towards the $62 support. This has created a descending triangle, which normally has a higher chance of breaking down. However, price formed this triangle after an up move, so the price may view the triangle as a continuation formation. Thus, the probabilities are higher in the event that the price breaks out to the upside. Since descending triangles should not be performed after a rise, we are not committing to a bullish breakout in price.
