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Avalanche(AVAX) & MakerDAO(MKR) Price Breach Through The Barriers, Has Bull Run Begun?



The entire crypto space is getting heated up as more and more crypto assets are breaking out of their comfort zone. Bitcoin price remains within a silent trend around $63,000 and dominance maintaining a downtrend. And therefore the altcoins like Ethereum, Polkadot & Solana could smash their respective highs. However, a few other crypto assets like Avalance(AVAX) and MakerDAO(MKR) is on the verge of making large moves. 


Avalanche(AVAX) Price Aims At 30% Jump

After making highs initially at $63 in the first half of 2021, the asset slid down to as low as $22. Despite making multiple attempts yet the asset failed to flip the bearish divergence and finally made a huge parabolic move to regain positions above $60. Moreover, at the start of the final quarter, the AVAX price kept marching towards the north. 

avax price
Source: Tradingview

In contrast, the trading volume has considerably fallen since the beginning of October, yet the price remained bullish. With a couple of pumps and dumps, the price has formed an inverse head n shoulder pattern. Moreover, the price is currently testing the neckline of the pattern and may break very soon. 

Once the neckline is successfully tested, the AVAX price could rally above $80 at one stretch and consolidate a little. Currently, the price is trending along 0.78 FIB levels, while the immediate target is at 1 FIB level at $80. Interestingly, the next FIB levels of 1.272 are formed very close to $100and with an extended rally, the price could eventually smash these levels soon. 

MakerDAO(DAO) Price Breaks Extended Downtrend

Since the market fell into the bearish trap in May, the MKR price experienced a severe drain. From more than $6000, the price had a steep fall below $2000. However, the retest could not assist the price to march above $4000. On the contrary, the asset fell again to retest the support levels at around $2300. While many thought the MKR price may have exhausted forever, it broke the downtrend to validate its existence. 


The MakerDAO price at the press time has broken the downtrend that it carried since the May crash. The asset pierced through the descending triangle as it was approaching the peak and tested immediate resistance levels at $3211. The two large candles assisted the price jump and the trading volume justifies the uptrend. 

The asset may test the crucial resistance levels very close to $4000. The probabilities of a retest before smashing resistance levels are high. However, the asset could regain bullish momentum quickly and march high to cross $4650 very soon. 

The Blogger Scientist is a "Medical Physiologist" and a "Financial Asset" Content Creator who aims at enlightening web reader on varying Financial Assets such as Stocks, FX, Crypto, MLM,. HYIP among others.


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