Why AVAX is poised to deliver at least 10% upside in next few days

ambcrypto.com:

Avalanche [AVAX] holders may be in for a slight bullish opportunity this week as its price action showed some potential pivot signs.

Given that AVAX concluded the last two weeks of September with a bearish performance, these signs offered traders some relief.

AVAX’s downside in the last four weeks meant that it eliminated the gains it achieved since the start of July.

The drawdown also underscored the main reason why AVAX might embark on a bullish relief by at least 10% or so.

The alt bottomed out at $16.47 on 2 October, putting it within the current short-term support range. The price established a buy wall within this range at the start of Q3 (early July). The second retest of the same buy wall occurred in the third week of September.

Source: TradingView

The same support level was still strong as of 3 October considering that AVAX bears had already given way to a 2.48% uptick.

The price could, thus, achieve a 10% uptick from the support line before encountering short-term friction within its current range.

A positive announcement especially regarding Avalanche’s development would likely boost investors’ confidence during the pivot. The network’s Banff activation was a potential candidate for a catalyst considering AVAX’s position on 3 October.