After the fall of BTC from the peak, AVAX, which retreated to the level of $ 75, is among the altcoins that have risen nicely in recent days. Avalanche (AVAX) maintains its rising trend with the reaction from this level.
AVAX, which started to be used heavily due to its increasing popularity, broke the all-time high with 896,000 transactions during the day. Meanwhile, transactions were carried out in less than 1 second on average and with low transaction fees.
Judging by the technical outlook of AVAX, which is basically looking good and continues to grow, it could rise to $155 if $116 is maintained.
As long as the sideways trend in Bitcoin continues, AVAX can be expected to continue to rise, but judging by the fibonacci levels, it seems that it is currently in the take profit and sell zone.
Therefore, new entrants will need to see that the price remains above $131. In retracements, the range of $100 – $107 can be evaluated. Short-term supports could be $120 and $116. Short-term resistance levels are $127, $131, $139 and $155. In the scenario where it is permanent above $131, the formation target can be expected at $155.