- CEO of Eight Global to go long position with AVAX if it was to hit $17.
- AVAX has been trading in the green zone for the past seven days.
- AVAX is fluctuating in a bearish rising wedge. The price may take a deep fall.
Chief Executive Officer and Founder of Eight Global, Michael van de Poppe tweeted that he would proceed with a long position if AVAX was to break the resistance of $13.75-14.50 and hit $16-$17.
Although he was looking for a long position when Avalanche (AVAX) was $13, he stated that he wasn’t triggered to abide by what he decided first as he was into other cryptocurrencies.
Meanwhile, AVAX has been trading in the green zone during the last seven days. It reached a maximum of $14.28 and reached its lowest of $13.05. As of press time, AVAX is trading at $13.58, up by 3.03% in the last 24 hours, according to CoinMarketCap.
Since Wednesday, the price of AVAX has been recovering, as shown in the chart below.
AVAX has been fluctuating in a bearish rising wedge since the end of November. However, the trend broke on December 5, and the price of AVAX took a great fall. AVAX fell from $14.35 to $13.37 within 24 hours. After some sideways movements, AVAX landed on its new higher low, which is at Support 1 ($12.99).
Currently, AVAX is trading in a bearish rising wedge. AVAX broke its immediate resistance, the 200-day MA, and is rebounding on it. However, the trend has broken, and the price of AVAX seems to have come crashing down.
The RSI (relative strength index) is positioned at 51.65 which says that the trend is well set.
Moreover, since AVAX has hit the upper Bollinger band, the price market could correct the prices.
If the bulls dominate AVAX, it will target Resistance 1 at $14.08. However, if the bears take over, then AVAX will land on Support 1.
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