Bullish momentum: long trade Prospects as Avalanche aims for $12.50

October 24, 2023 07:04 AM PDT | By Invezz

Bullish momentum: long trade Prospects as Avalanche aims for $12.50 — Image source: Invezz

DOT/USDT trading strategy

Buy/sell asset: Buy AVAX/USDT
Entry price: 10.40
Stop loss: 10.04
Leverage: 1x
Take profit 1: 10.80
Take profit 2: 11.50
Take profit 3: 12.50
Timeframe: 1-2 weeks
Maximum profit: 20.3%
Maximum loss: 3.37%

AVAX/USDT chart and technical analysis

AVAX/USDT is making significant gains after it dropped to the $8.65 support level and made a double-bottom. Since then the price made higher highs and will possibly reach the $12.50 level in the coming days.

The price gained 24.50% since last week and the bullish trend will likely continue until the price breaks above the previous high of $11.88 and will likely reach the $12.50 level before making a considerable correction.

This is almost the same chart pattern the price made on August 29th and October 16th. I am expecting the price will possibly repeat the same pattern and will take out all the sellers before making a considerable drop.

Avalanche fundamental analysis

Fundamentally, the overall crypto market is strongly bullish and will possibly continue the bullish rally until exhausting all the sellers.
The price could drop significantly after reaching the predicted target of $12.50.

Avalanche to Tether trade idea takeaways

The price of AVAX/USDT will possibly continue its rally after retesting the $10.40 support level.
I am expecting the price will rally to the $12.50 resistance level in the coming days.
Multiple take-profit levels have been added to secure profit along the way.
The risk-to-reward ratio on this trade is 1:6.
The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.
Good luck!

The post Bullish momentum: long trade Prospects as Avalanche aims for $12.50 appeared first on Invezz

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