AVAX (Avalanche) is one the top cryptocurrency having market cap around $29B. In cryptocurrency segment, it is ranked 10th by market cap having current price at around $128. Since June-2021 low, it rises more than 10 fold in the price, which shows the tremendous strength & trend in past few months.
AVAX Daily Elliott Wave analysis
Since September-2020, AVAXUSDT (Binance) started the higher high sequence & gains the initial momentum in early 2021. It favored ended the impulse sequence as I red at $60.30 on 2/10/2021 high started from 9/22/2020 low. Thereafter the larger correction of II unfolded & ended at $9.32 low on 6/22/2021. The correction was 0.854 retracement of previous wave I.
It gains the huge momentum in the sequence started from 6/22/2021 low. It favored ends the ((1)) at $79.80 high on 9/23/2021. While below there it ended ((2)) at $51.04 on 10/12/2021 as 0.382 retracement against the previous cycle. The next impulse is in progress & it is the part of ((3)). Within the current impulse sequence started from $51.04 low, it favored ended (1) at $147 high, while below there it favors lower as (2) correction. Wave (2) can do 3, 7 or 11 swings lower before turning higher again. In shorter cycle, the next equal leg area is $123.8 – $110.7, from where it expect to extend higher in next impulse or can see 3 swing bounce as connector before doing double correction lower in (2). We like to buy the pullback in 3, 7 or 11 swings lower for the next leg higher.
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