Avalanche [AVAX] fixated on its pre-FTX level – Is it even achievable?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion AVAX could reclaim its pre-FTX level in the next few days. The Funding Rate for AVAX remained positive in the derivatives market. Avalanche [AVAX] is an inch away from hitting a crucial multi-month peak. […]

After a massive rally on 11 January, AVAX’s subsequent price action chalked out a rising channel. Since last Saturday , the price action has pre-dominantly oscillated within the channel’s upper range.

At the time of publication, AVAX’s Relative Strength Index on the 12-hour chart was 62. The value shows a bullish AVAX; hence, bulls could attempt to break above the rising channel and overcome the $18.29. If FOMC triggers the market positively, a bullish BTC could push AVAX to overcome the hurdles at $18.29 and $19.81. Such an upswing will allow AVAX bulls to reclaim the pre-FTX level of $20.65. The $20 zone was also a key peak level in July 2022.However, a bearish BTC, especially if the FOMC announcement is hawkish, could see AVAX drop below the rising channel’s mid-level.

At press time, the sentiment was negative but close to the neutral line. Any extra demand for AVAX could boost its value and uptrend momentum, improving sentiment along the way. But AVAX’s open interest has been fluctuating since mid-January which could undermine a definitive price action and direction. Therefore, investors should track BTC performance to gauge the AVAX’s capacity break above or below its rising channel.Subscribe to get it daily in your inbox.

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