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Avalanche (AVAX) rose to a fresh all-time high of $130.64 on Nov. 20 and posted gains over 32% on a 7-day basis after tagging new partnerships in the week. On Nov. 16, Ava Labs announced its partnership with “Big Four” accountant firm Deloitte as the latter seeks to use the Avalanche blockchain for building a disaster relief platform. At the time of writing, AVAX was exchanging hands at $127.46, up 16.87% in the last 24 hours. Orange Comet, a premium NFT and blockchain experience company, announced its official multiyear partnership with the New York Islanders hockey team and UBS Arena to produce and sell NFTs on the brand new Orange Comet Marketplace, powered by the Avalanche blockchain. The first limited edition NFT drops launching on Nov. 20 will coincide with the first Islanders game ever played at UBS Arena.
Resistance Levels: $150.00, $140.00, $130.00
Support Levels: $110.00, $90.00, $75.00
AVAX/USD Daily Chart: Bullish
AVAX/USD Daily Chart
AVAX/USD sped up beyond the $94.71 level, with the price charting all-time highs of $130.60 on Nov. 20. The short-term bias continues to look bullish, supported by the positive crossing of the moving averages. Though above the 70 marks, the RSI is yet to confirm overbought conditions. Bullish investors might consider $110 as the nearest intraday support level.
The prices are trending to test the next levels such as $140 and $160 in the uncharted zone. However, a break below $110 might trigger a pull-back to the ascending trendline support at $83.22 and the MA 50 at $72.83. The upside potential in the AVAX/USD pair remains. The price is making advances and swings to the upside have been big so far.
AVAX/USD 4-Hour Chart: Bullish
AVAX/USD 4-Hour Chart
From a technical point of view, Avalanche continues to gain traction as shown on the 4-hour chart. Currently, it remains trading within a bullish channel drawn from October and has broken above its recent consolidation range. If buying pressure strengthens further, AVAX will enter uncharted territories to trade at the $140 or even the $160 mark.
Alternatively, if the price falls below current levels, support is envisaged at $114 and $110 respectively. The MA 50 near the $100 mark and the ascending trendline support at $83.22 may come into view in case of further declines. In brief, Avalanche bulls are expected to hold the reins in the short run, though chances of a slight retracement may occur.
