AVAX price rises 15% after CryptoLeaks shock


The Avalanche (AVAX) bulls disregarded allegations that the project’s parent company, Ava Labs, paid lawyers to discredit its competitors.

Avalanche price recovers

Just two days after bottoming out at 17.50, AVAX price gained 15 percent by August 30, reaching as high as $19.75 during the day. Token, CryptoLeaks’ shocker of the allegations then it recovers from the selling pressure it sees.

AVAX price dropped 3.5 percent on August 26, when CryptoLeaks leaked. CryptoLeaks shared a video in which Roche Freedman’s partner Kyle Roche said he could sue Solana, one of Avalanche’s biggest rivals, on behalf of Ava Labs.

It may interest you: Ava Labs CEO firmly denies CryptoLeaks’ allegations

The token, which contains another video of the whistleblower website Roche full report The next day it was published, it fell another 7.5 percent.

AVAX price rises 15% after CryptoLeaks shock
The daily price chart of the AVAX/USD pair. Source: NewsOfFinance

AVAX could rise 55%

The fundamentals of Avalanche are tightly tied to the overall cryptocurrency market, which means that there may be continued downward pressure based on the price action of the last days.

Independent analyst PostyXBT said that the AVAX price could fall as low as $13-15 and that BTC should be considered when opening a short position.

The analyst is correcting towards $14 based on the “heads and shoulders” pattern seen below. waiting.

AVAX price rises 15% after CryptoLeaks shock
The first four-hour price chart of the AVAX/USD pair. Source: BrechTP

On the contrary, analyst TraderSZ says that AVAX price will continue its uptrend in the coming days. waiting. As seen in the chart below, the analyst predicts Avalanche will reach around $30 in September.

AVAX price rises 15% after CryptoLeaks shock
Two-hour price chart of the AVAX/USDT pair. Source: TraderSZ/NewsOfFinance

On the upside, the target also fits into AVAX’s “symetic triangle” pattern. The token price started to recover after testing the lower trendline of the triangle as support and now targets the upper trendline of this pattern as intermediate resistance.

The intermediate target mentioned by TraderSZ is located at $ 30.

AVAX price rises 15% after CryptoLeaks shock
Weekly price chart of the AVAX/USD pair. Source: NewsOfFinance

So AVAX could rise as much as 55 percent compared to current price levels.



Soruce : https://tr.cointelegraph.com/news/avax-price-rebounds-15-after-crypto-leaks-sell-off-but-avalanche-could-still-bury-bulls

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