According to top analysts, this is a potential entry point for AVAX as the market corrects

Renowned analyst Michaël van de Poppe predicts what could happen to one of Ethereum’s top competitors in the coming year.

In one Video The analyst recently told its 155,000 YouTube subscribers that the Avalanche (AVAX) smart contract platform has become very popular this year.

Taking a closer look at the price history, he looks at potential entrances after AVAX fell more than 45% from its all-time high of $ 144.96.

“If AVAX penetrates potential buy zones, we can speculate about the next step based on previous price movements.

The first potential zone is at $ 75, where the downside is holding up very well right now.

The second zone represents the previous high at $ 55. If AVAX retests this level it will still be a bullish result. This is what price usually does after breaking above an important level of resistance. ”

AVAX / USDT daily chart | Source: Michael van de Poppe

According to Van de Poppe, a deep retracement will put Ethereum’s competitor in a strong position to bounce back over the next year.

“The left side of this graph shows that after a large pulse wave, the asset usually goes through a correction phase. AVAX also sees this before the start of a new wave of impulses in 2022. ”

Avalanche is trading at $ 80, down 3% for the day and 13% from the weekly high of $ 94.61.

The analyst proceeds to predict the future price of AVAX and uses the Fibonacci expansion tool to identify potential targets.

“On the next rally, I think AVAX can rebound towards USD 230 (Fib 1.618) and USD 370 (Fib 2.618). If it falls to $ 55 on this correction, another potential target is $ 300 (Fib 2,618). ”

AVAX / USDT daily chart | Source: Michael van de Poppe

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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