AVAX’s recovery coincides with similar bullish moves in top-rated crypto assets.
Bulls of Avalanche (AVAX) has dismissed sensational claims by a self-proclaimed news website that the project’s parent company, Ava Labs, is paying lawyers to tarnish its competitors’ reputations.
The avalanche price is recovering from serious allegations
AVAX price hit an intraday high of $19.75 on Aug. 30, two days after bottoming locally at $17.50, up 15%. The token’s modest recovery followed the sell-off caused by the sensational CryptoLeaks report.
AVAX’s price fell 3.5% on Aug. 26, the day CryptoLeaks released an unconfirmed video of Kyle Roche, a partner at Roche Freedman, saying he could sell Solana, one of Avalanche, on behalf of Ava Labs.
Also See: Ava Labs CEO Denies CryptoLeaks Claims as ‘Conspiracy Theory Nonsense’
The token fell another 7.5% the day after the whistleblower website released the full report, including another unconfirmed video featuring Roche.
AVAX/USD daily chart. Source: Trade View
Additionally, Avalanche’s intraday losses coincided with similar negative moves in other leading cryptoassets.
AVAX could climb 55%
Avalanche’s fundamentals are closely tied to the overall crypto market, making it vulnerable to additional downtrends.
PostyXBT independent analyst noted that AVAX price could dip into the $13-$15 range next time and “watch out for BTC” if you go short in this area.
The BrechTP analyst also expects the price to drop to $14 based on a head and shoulders configuration as shown below.
Related: A sharp drop in TVL and DApp usage preceded Avalanche (AVAX)’s 16% correction
AVAX/USD four-hour price chart. Source: BrechTP
Conversely, the TraderSZ analyst expects the price of AVAX to continue its recovery trend in the coming days. The setup shown below suggests that the Avalanche token will hit around $30 in September.
AVAX/USDT two-hour price chart. Source: TraderSZ/TradingView
The upper reference coincides with the predominant AVAX setting in the shape of a “symmetrical triangle”. Notably, the price has recovered after testing the triangle’s lower trendline as support and is now considering the upper trendline as an intermediate target upside.
The upper trendline is close to TraderSZ’s price target of $30 as shown below.
Weekly AVAX/USD chart. Source: Trade View
In other words, AVAX could climb more than 55% from current price levels.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect those of Cointelegraph.com. Every step of investing and trading involves risk, you should do your own research when making a decision.
