Quick Facts:
?️AVAX is a project that ensures the world’s data is safe and sound.”
?️”It’s a decentralized, encrypted, privacy-oriented, peer-to-peer data exchange protocol with a focus on the “sharing economy.”
?️”The AVAX team believes in a future where all people in the world have an equal opportunity to access, contribute and control their own information. And in this future, they’re building a new internet that frees us from centralized service providers.
Which Crypto Assets Will Break Out Of Their Comfort Zones and Lead The Bull Run?
As more and more crypto assets break out of their comfort zones, the entire crypto space is becoming more heated. Bitcoin prices remain silent around $63,000, while dominance maintains a downward trend.
Thus, altcoins like Ethereum, Polkadot, and Solana have a chance to smash their respective highs. However, there are a few other crypto assets on the verge of making large moves, notably Avalance and MakerDAO.
Avalanche(AVAX) Has Slid Down To As Low As $22
After making highs of $63 in the first half of 2021, the asset fell to as low as $22 in the second half.
While the asset made multiple attempts to flip the bearish divergence, it ultimately failed and finally made a large parabolic move to regain positions above $60.
Moreover, the price of AVAX continued to rise at the start of the final quarter, despite decreased trading volume since the beginning of October, and still remained bullish.
As a result of a few pumps and dumps, the price has formed an inverse head and shoulders pattern. Furthermore, the price is currently testing the neckline of the pattern and may break very soon.
At one point, the AVAX price may rally above $80 and consolidate. Currently, the price is trending along 0.78 FIB levels, while the immediate target is at $1 FIB levels at $80.00. With an extended rally, the price could eventually smash these levels with an extended break of the next FIB level of 1.272.
A Significant Drop in MakerDAO(DAO) Price
Since the market fell into a bearish trap in May, the MKR price has fallen steeply. The price plunged from more than $6000 to under $2000. However, the retest did not help the asset to advance above $4000. Instead, the asset fell to retest support levels around $2300.
The MakerDAO price at press time has broken the downtrend it had carried since the May crash. Many thought the MKR price would exhaust forever, but it broke the downtrend, proving it to be real.
While it was approaching the peak, the underlying asset broke through the descending triangle and tested immediate resistance levels at $3211. The two large candles contributed to the price jump, and the trading volume supports the trend.
This asset is likely to test crucial resistance levels very close to $4000. There is a high probability of retests before smashing these levels. However, the asset could regain bullish momentum quickly and march high to cross $4650 very soon.
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Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
