Avalanche ( AVAXUSD ) has been trading below the 1D MA50 (blue trend-line) for the past week, ever since the pull-back from the April 02 High. Even though that rattled the confidence of many market participants, there is no cause for concern as this was a short-term profit-taking correction within the larger Rising Wedge pattern on the long-term.

The coin is coming off an Accumulation Phase similar to those of June – July 2021 and October – December 2020. The 1W MA50 (red trend-line) has been supporting for the past 8 months and the 1D LMACD is approaching a Bullish Cross formation. This is a bullish indicator mix, familiar with the previous Rise phases that led to Higher Highs on the Rising Wedge .

The next Higher High is expected to be close to the 1.5 Fibonacci extension . We set a $250.00 long-term target on AVAX.

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