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Why Avalanche is due for a possible 17-25% correction
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ambcrypto.comAt a time when the top 10 cryptocurrencies traded sideways due to Bitcoin indecision at $59,000, Avalanche continued its rally. It went on to add more value to its staggering rally which has already lifted the price by over 350% since early-September. However, a series of lower peaks on the RSI suggested that AVAX was due for a much needed correction before tagging the 300% Fibonacci level. The 178.6% and 200% Fibonacci levels were ready to cushion a potential drawdown and trigger the next leg forward.
Source: AVAX/USD, TradingView
Avalanche has had quite an impressive run since recovering from its late-July lows. In four months time, AVAX, which helps facilitate transactions of the smart-contract enabled platform Avalanche, has witnessed an
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