- The AVAX price closed the previous day’s trade at INR 6122 with a market capitalization of INR 206.5 Cr and a circulating supply of 26,82,85,754.46 AVAX.
- Avalanche is trying hard to rebound with a huge margin which could stabilize a 10% upswing to reach the local highs.
Avalanche (AVAX) Technical – Analysis for the Month
The price has maintained a significant descending trend since the beginning of the month. The price appears to be poised to flip the trend soon as it consolidates healthily. With a slight change in the market trend, the price may quickly flip the bearish consolidation.
Initially, the price may try hard to seal the levels above INR 6500 which may ignite an uptrend beyond INR 7200 by the end of April. On the other hand, if the asset faces a rejection, the price could be restricted below INR 7000.
Avalanche (AVAX) Technical Analysis at a Glance
AVAX price from a pretty long time is attempting to slice through the descending consolidation. And hence the asset may do so after continuing with the consolidation for another couple of days. With the breach through from the consolidation, the price may initially try to reach out towards the immediate resistance at the earliest.
|Short-Term||The AVAX price failed to validate a strong uptrend and hence may face a price drain soon|
|Mid-Term||The asset is trying hard to recover but the weakened rally may hinder the upswing|
|Long-Term||The price appears bearish and a notable drain in the price may be expected|
Technical Indicators & Pivot Levels
|Technical Indicators||Value(1Hr / 1D)||Action (1Hr / 1D)|
|Relative Strength Index(RSI)||48.007 / 42.78||Neutral / Sell|
|MACD(12,26)||-0.24 / -1.91||Sell / Sell|
|Average Directional Index(ADX)||36.187 / 31.51||Buy / Neutral|
|Bull-Bear Power||-0.2780 / -8.76||Sell / Sell|
|Moving Average(MA)-50||INR 78.72||INR 82.33|
|Moving Average(MA)-200||INR 81.22||INR 84.58|
|Resistance||INR 7776||INR 8970|
|Support||INR 5248||INR 4248|
|Average True Range(ATR)||0.69||6.07|
The technicals for the AVAX price suggest a minor upswing may be fast approaching in short term, while the trend is extremely bearish in the longer time frame. And hence one can expect the price to reach the immediate resistance at the earliest.
AVAX/INR Technical-Analysis for Short-Term
- The AVAX price traded within a significant uptrend for the past couple of days, maintaining the uptrend line
- A bounce before hitting the trend line signifies the accumulation of the strength within the rally that may assist the price to reach the levels around INR 6600
- Once the asset secures the levels above INR 6600, the levels around INR 7500 may be secured
- However, the possibility of the asset reaching the monthly highs close to INR 8000 is pretty high that may validate a strong uptrend further
AVAX/INR Technical Analysis for Long-Term
- Despite the huge bearish trend for a long time, the AVAX price is swinging within a symmetrical triangle approaching the apex
- Yet a minor spike above INR 7000 is possible followed by an interim pullback close to INR 6500 which may further ignite a rally towards INR 8000 by breaking the triangle
- The asset is expected to consolidate for some time above INR 8000 before deciding on the next leg depending on the volume
- The probabilities of the asset ranging towards INR 10,000 surfaces with a slight change in the market trends
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