AVAX rallies past $20 - Is another 50% gain around the corner?

Title: AVAX Price Analysis: Bullish Momentum and Buying Opportunities

As of November 22, 2023, AVAX has shown strong bullish potential with a recent move above $23. This presents a buying opportunity with a good risk-to-reward ratio.

Avalanche [AVAX] has gained attention as the platform for Republic’s digital asset launch. Despite a bearish bias on the lower timeframes, the price has recently taken an interesting turn by flipping the $20 zone to support.

The previous 2023 highs of $21.66 and $22.79 have finally been broken, with AVAX reaching $24.69 on November 17. The market structure remains bullish, signaling firm momentum for potential gains.

On-Balance Volume (OBV) has surged over the past six weeks, reflecting intense buying pressure and setting up the $30 resistance level as the next major target. A retest of the $19-$20 region presents a potential buying opportunity.

Further analysis of Hyblock liquidation data suggests that a revisit to the $19 area would present a viable buying opportunity, aligning with the liquidity pool from the price action at $19-$20. A move to the $30 weekly resistance remains a likely possibility.

In conclusion, AVAX has shown promising bullish momentum with opportunities for potential gains. Keep an eye on the $19-$20 region for a potential retest and buying opportunity.

### News source: eng.ambcrypto.com

See also  Merkle Standard Collaborates with Block Green to Introduce Future Revenue Marketplace for Bitcoin Mining

By Team