Avalanche (AVAX) had a massive rally last week. The price of the coin reached an all-time high value of $147. With a long candle close, let’s watch out for the next movement of AVAX.
AVAX is currently trading at $141. The coin started its uptrend in mid of October. It surged more than 100% in the month of November. It has managed to kick Dogecoin, the primary meme coin, out of the list of top 10 cryptocurrencies.
Bitcoin slipped almost 20% in the last week. However, AVAX kept going up keeping traders interested in its rally. In the US, Avalanche made it among the top Twitter trends multiple times in the week.
AVAX remained in positive correlation with Bitcoin and Ethereum. The declining value of the two made AVAX slip too. However, this correlation broke when Deloitte decided to build its disaster relief program on Avalanche Blockchain.
The project brought FOMO (Fear of Missing Out) into the market. Many buyers jumped to buy AVAX which brought a surge in its price.
Also Read: Crypto Transactions rise 706%
After the parabolic rise, AVAX is facing resistance at $147. A pullback at this stage means the investors are bagging profits and the price is in the downtrend. Buy zones for perspective here are $110 and next $85.
If AVAX manages to break out from the resistance then the price will go up to reach $176.
Avalanche is a strong contender of the Ethereum network. Platform developers are hopeful about its potential in the coming months.