Avalanche [AVAX] soars 20%, Bulls target $14.0 Supply Zone
• Avalanche [AVAX] witnessed a 20% surge in price in the last 10 days.
• Bulls could possibly target the $14.0 supply zone if BTC is bolstered by the US Consumer Price Index (CPI) announcement.
• The Relative Strength Index (RSI) on the daily chart was at 57, showing buying pressure has increased steadily in the past 10 days.
Over the past 10 days, Avalanche [AVAX] has seen a tremendous surge in price, shooting up from $10.85 to $12.97 and currently trading at $12.53. This 20% rise has been fuelled by the increased demand in the derivatives market, which has kept the bulls in full confidence. Moreover, with the US Consumer Price Index (CPI) announcement set for January 12, the Bitcoin market could be bolstered, which could further fuel the AVAX rally.
On the daily chart, the Relative Strength Index (RSI) is currently at 57, indicating a considerable level above the 50-midpoint. This shows that buying pressure has increased steadily over the last 10 days, giving the bulls the upper hand. This could help the AVAX bulls to push the price above the $12.97 level, and if successful, the $14.0 supply zone would be the next target. However, if the bulls do manage to reach the supply zone, they will be met with intense opposition from the sellers. Therefore, investors with diamond hands could wait and sell off at this zone to maximize their profits.
On the other hand, if the BTC fails to break above the $17.50K mark, then the AVAX bulls could find it difficult to push the price above the supply zone. Therefore, it is essential to keep an eye on the BTC market, as it could be the deciding factor in the AVAX price rally.