Avalanche(AVAX)/USDT Technical Analysis at a Glance
The Avalanche(AVAX) crypto price since the beginning of 2021 quickly absorbed the uptrend to reach its initial highs around $60. Yet the May crash impacted the price to a higher extent and drowned the asset below $10. However, the Avalanche crypto price quickly reversed the trend as it received enough boost and roared like a monster to reach the yearly highs at $145. No doubt currently, the asset is swinging sideways, yet the possibilities of yet another bull run surface the waters.
|Short Term||The current downtrend is expected to continue for the next 24 hours, however, a notable flip could also be possible before the above-mentioned time.|
|Mid-Term||The mid-term forecast is also pretty bearish, and the plunge could retest the local support levels ahead|
|Long Term||On the contrary, in the long-term, the asset appears to be in a stable condition and continues to hover within the same regions for some more time before a notable breakout.|
Avalanche(AVAX)/USDT Technical Indicators
AVAX chart showcases the asset having a huge potential to continue with the bull run, overcoming the current correction or more specifically the sideway trend. The asset underwent a notable uptrend and downtrend, both since the beginning of the present trading month and hence showcases its strength to recover the losses at the earliest. And hence the current downtrend may also flip very soon to form a new ATH, maybe before the EOY.
The asset is hovering exactly in between the 50-day & 200-day MA finding strong support and resistance levels in the short term. On the other hand, in the long-term, the asset may reach out to the immediate support levels at the 50-day MA and lookout for a strong breakout towards the next resistance levels.
The bullish momentum was building a couple of days before, yet the recent pullback has eased the pressure in the long term. No panic is required at the present moment as the bears have not entered the ring. In the short-term, the asset appears to be pretty skeptical about the upcoming move as the MACD & signal line are moving hand in hand but within the lower levels indicating the continuity of a possible downtrend.
The long-term projection is pretty bearish as the price is heading towards the middle bands, a rebound may be expected from here. Conversely, in the short-term, the price is hovering along with the lower levels and it may undergo a notable flip very soon.
Relative Strength Index(RSI)
The RSI in the long term had pointed out a bullish trend before the weekend, however, currently, the levels showcase a minor bearish divergence yet not completely confirmed. However, in the short term, the RSI is attempting hard to flip the downtrend with a bounce. The first attempt appears to be pretty unsuccessful, but the AVAX crypto may try again till it succeeds.
Avalanche(AVAX) Technical Analysis for the Week
The asset began the previous week’s trade on a bearish note by plunging nearly 15%. However, after a small consolidation, the asset jumped into action and reached a high of more than 34% in just a couple of days. However, as the weekend approached, the asset fell into bearish divergence yet again and drained nearly 12% of its price. Currently, the asset is attempting to accumulate strength to bounce back much more effectively.
Source: Tradingview Date: 20-12-2021 Time: 01:30pm
- The asset had successfully broken out from consolidation before closing the trade for the previous week. However, the AVAX price is testing the support levels and trying not to go beyond these levels.
- AVAX price despite multiple ups and downs yet has been following the uptrend line since the beginning and hence appear to be well in place amid the current bull run.
- The asset needs to bounce from the current support levels at $103 and smash the upper limits at $116 to establish a decent uptrend.
- Once the price zone in between $116 and $119 is tested and cleared successfully, the next target would be forming new highs piercing through the next resistance levels around $128.
- If in case the asset undergoes some correction, then the support levels at $103 may be holding strong preventing additional loss
Avalanche(AVAX) Technical Analysis for the Day
Avalanche cryptocurrency is hovering between the strong resistance and support levels for the past 4 to 5 days. Yet again the current weekend went out to drain a huge portion of
AVAX coin price yet the lower support levels were maintained strong. Currently, the AVAX crypto is attempting to flip yet due to low volume, the required boost may be delayed. The AVAX price at the press time is $104.55 with a drop of 7.91%, while a drop in the trading volume of about 13%.
Where to buy Avalanche(AVAX)
Avalanche (AVAX) token since manifested its strength gained worldwide exposure quickly and hence is available for trade on many popular exchanges. Yet CoinDCX, India’s most trusted crypto exchange may be the best option if you are in search of a reliable platform to buy avalanche tokens.
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