Avalanche (#AVAX), which dropped to $16 with the decline of BTC, approached $20, contradicting those who expected a decline.
The cryptocurrency market faced a sharp decline the past day. BTC experienced a 5 percent decrease during the day. BTC, which fell in an environment where the market was progressing positively, also made traders nervous. With the BTC decline, there was an outflow of money from altcoins and many altcoins lost more than 10 percent in value.
Affected by the BTC decline, AVAX dropped by 7 percent. With this decrease, the price of AVAX decreased from $ 17.50 to $ 16.21. However, as of November 15, AVAX made a move that contradicted the bears. AVAX price is up nearly 20 percent since the last drop.
AVAX does not stand still: $20 may break!
Avalanche (AVAX), which fell to $ 16.21 with the 5 percent decline of BTC, made a striking comeback. AVAX price rose to $19.5 in a short time. AVAX, which survived the decline and continued its rise from where it left off, may break $ 20 with this FOMO.
The AVAX chart shows that the bull run continues. AVAX price returned to $16.21, signaling that it will continue its potential rise. AVAX, which attracts attention with its percentage increase during the day, is walking towards 20 dollars.
Looking at the chart, AVAX price is facing resistance at $19.71. This resistance point stands out as the highest price level of the week. If there is a break above $19.71, AVAX could test the immediate resistance at $20.63. A test of $20.63 and the price sustaining above $20 could intensify the bull run. Lagging behind the Solana (SOL) rally, the major coin focused on $22.75 as the ultimate target. If AVAX breaks above $20.63, it could test the resistances at $21.53 and $22.75 respectively. The positive advance suggests that $22.75 may be tested. However, the crypto market has a structure that can turn negative at any time. Therefore, AVAX traders should be careful.
On the other hand, AVAX may test the $19.07 support in the short term in a possible bearish scenario. The coin, which will want to gain strength from this support point, may retreat to the $ 18.51 support if it encounters selling pressure. If AVAX starts a bearish move, it will try to gather strength in the $17.75 and $17.04 regions. If this region is lost, AVAX may retreat to $16.21, which is the bottom region formed in the previous day’s decline. Whether AVAX remains in the bull trend depends on the major support point at $16. If this support point is lost, there is a possibility that AVAX price may drop to $11.87.
