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

By:
on Oct 24, 2023
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  • The price of AVAX/USDT is expected to continue its rally and reach the $12.50 level in the coming days.
  • Trading signal provided should last 1-2 weeks with a potential upside of 20.3%
  • Fundamentally, the prospects are bullish and the price will likely continue its rally

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DOT/USDT trading strategy

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  • 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

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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.

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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

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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

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  • 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!
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