AVAX Price Rebounds 15% After Crypto Leaks Sale, But Avalanche Could Still Bury The Bulls

0

The Avalanche Bulls (AVAX) have snubbed sensational claims by a self-proclaimed whistleblower website that the project’s parent company, Ava Labs, paid lawyers to damage the reputation of its competitors.

Avalanche price recovers from serious allegations

AVAX price set an intraday high of $19.75 on August 30, two days after hitting a local low of $17.50, a 15% gain. The token’s modest rally followed massive sell-offs incurred by a sensational CryptoLeaks Report.

AVAX’s price fell 3.5% on August 26, the day CryptoLeaks released an unverified video showing Roche Freedman partner Kyle Roche saying he may sue Solana, a leading Avalanche rivals, on behalf of Ava Labs.

Related: Ava Labs CEO Denies CryptoLeaks Claims as a ‘Nonsensical Conspiracy Theory’

The token fell another 7.5% the next day after the whistleblower’s website published the full reportincluding another unverified video featuring Roche.

AVAX/USD daily price chart. Source: Trading View

Additionally, Avalanche’s intraday losses lined up with similar negative moves across other major crypto assets.

AVAX can increase by 55%

Avalanche’s fundamentals are strongly tied to the overall cryptocurrency market, which makes it susceptible to further downtrends.

Independent analyst PostyXBT noted that AVAX’s price could then drop into the $13-$15 range and “keep BTC in mind” while placing a short position in the area.

BrechTP analyst too anticipates the price plummets towards $14 based on a “head and shoulders” setup, as shown below.

Related: A Sharp Drop in TVL and DApp Usage Preceded Avalanche’s (AVAX) 16% Correction

Four-hour AVAX/USD price chart. Source: BrechTP

Conversely, analyst TraderSZ sees AVAX price will continue its recovery trend in the coming days. Its setup, as shown below, predicts that the Avalanche token will reach around $30 in September.

Two-hour AVAX/USDT price chart. Source: TraderSZ/TradingView

The bullish target aligns with AVAX’s current “symmetrical triangle” setup. Notably, the price rebounded after testing the triangle’s lower trendline as support and now views the structure’s upper trendline as its intermediate upside target.

The upper trendline is near TraderSZ’s $30 price target as shown below.

AVAX/USD weekly price chart. Source: Trading View

In other words, AVAX could rebound more than 55% from its current price levels.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.



Source link

Share.

Comments are closed.