AVAX Price Archives - Page 3 of 3

4th August 2022

Avalanche (AVAX) Poised For 25% Rally Ahead Of Seoul Web3 Hackathon

Avalanche (AVAX) price is seen to soar by 24% or $32 within its consolidation period. A breach projected overshooting the descending parallel channel would nudge AVAX closer to its hurdle or resistance level at $25.

After AVAX was able to maintain support at $22.50, a bull run is anticipated to happen. Avalanche was recently rejected at $25 due to strong selling activity which precipitated a rebound seen in the last week of July.

The challenge here lies with AVAX ability to soar above the descending parallel channel to stir up a spike of 24% from along the neckline of the inverse head-and-shoulders (H&S) pattern.

Chart from TradingView.com

Can Avalanche Slice Through Resistance At $25?

To establish the bullish reversal following the token’s slump in the last couple of month, AVAX price retested the $25 resistance levels twice without breaching it. The token nosedived a bit from July 22 to 26 giving way to an inverse H&S pattern, which when validated, may pump up AVAX price by 25%.

However, AVAX price will have to breach the descending parallel channel giving the token enough force to slice through the resistance at oHo $25.00. More so, AVAX should also maintain its price above the 50-day SMA to deter bearish corrections in the range between $22.50 and $19.50.

The social significance or social volume metric of AVAX has spiked immensely as seen in the period from July 26 to August 3 implying a bullish momentum as AVAX is gearing up to move at the support seen at $22.50.

Increased Investor Interest With Upcoming AVAX Hackathon

The token’s supposed rally towards $32.00 could happen with the increase in investor interest. Meanwhile, the launch of Avalanche’s hackathon happening in Seoul is a widely anticipated event as it brings together the most popular and reputable icons in Web3 such as Tracey Bowen, Mark Shim, and others.

The event is set to happen from August 11 to 12 which is said to trigger an uptrend for AVAX price shooting for $32.

According to CoinMarketCap, Avalanche price is showing a bearish stride as it faces resistance noted at $24.09 and support spotted at $22.99. Currently, AVAX price has dropped by 2.65% or $23.27.

Daily chart for AVAX price shows the token has been on a decline as the buyers were not able to punch the prices to surpass the resistance level of $24.09. Additionally, a head and shoulders pattern has also formed which means the prices can plunge back to the support of $22.99 and resistance of $24.09.

Crypto total market cap at $1.03 trillion on the daily chart | Source: TradingView.com

Featured image from AAX Academy – Chart from TradingView.com

3rd August 2022

TA: AVAX Struggles To Hold Above Resistance As It Eyes $40

Avalanche (AVAX) struggles to hold above key support that will set the tone for a rally to the $40 mark region anticipated by many.

The price of Bitcoin (BTC) saw a retracement as it could not break and hold above important support that corresponds with the daily 50 exponential moving average (EMA). BTC’s unable to hold that region has led to AVAX struggles to form good support.

Avax Weekly Chart Analysis
Avax Weekly Chart Analysis | Source: AVAXUSDT On Tradingview.com

The weekly chart for Avax shows a downtrend reversal to a low of $16.3, where buyers were more willing to step into the market.

The chart shows the price of Avax needs to break and close above $23.7 for it to resume its bullish movement to the $40 mark price anticipated by investors.

Avax has formed strong support at the $16.3 mark area, with more buyers willing to place bids in this region. This region can be seen as a good demand zone should the price of Avax retraces back to the current price.

Major resistance on the weekly chart – $23.7

Major support on the weekly chart – $15

Avax Daily Chart Analysis
Avax Daily Chart Analysis With A Triple Bottom Trend Reversal | Source: AVAXUSDT On Tradingview.com

The daily chart for Avax price shows it is struggling to reclaim the 50 exponential moving average (EMA); this corresponds to a key resistance stopping the price of Avax from rallying higher.

Avax on the daily chart has good support at around $16.3 with a triple bottom formation.

A triple bottom is a bullish trend reversal formation that allows investors to accumulate more crypto assets.

With the price of Avax breaking above the 50 EMA and closing above this region would be good for bulls to push this price higher. The cost of Avax is trading below the 200 EMA, which could act as the Idea resistance for Avax when there is a clear breakout above the 50 EMA.

The price of Bitcoin is trying to reclaim the $24,000 region, which has proved difficult; a reclaim and close above this resistance with good volume would allow the price of Avax to rally with good buy volume.

The daily chart’s volume and relative strength Index (RSI) looks good, with the RSI above the 50 mark area.

Daily resistance – $24.7.

Daily support – $20.5.

Avax Price Analysis On The 4H Chart
Avax On The 4H Chart With A Symmetric Triangle Bullish Formation | Source: AVAXUSDT On Tradingview.com

The price of Avax on the 4H chart shows the price has reclaimed both the 50 & 200 EMA, indicating an upward trend if all market conditions remain favorable.

Avax on the 4H chart has resistance at $25.43, trying to build and break out of a bullish symmetric triangle. A break and close above the triangle would signal a good rally for Avax.

The volume of Avax shows buyers are stepping into the market after a series of panic sales due to market decline.

Avax has a relative strength Index above the 50 mark showing good signs of buy orders in the market.

Should Avax fail to go higher in the price above $25.43, a pullback is expected to the support that corresponds with the 50 EMA.

Resistance on the 4H chart – $25.42.

Support on the 4H chart – $23.4.

Featured Image From Finbold, Charts From TradingView.com

2nd August 2022

AVAX Still In Crimson Territory As Rejection At $25 Forms

Avalanche (AVAX) price lingers further in the red. The coin price is extremely bearish showing a downward trend indicating a pessimistic market forecast. Consequently, the AVAX/USD pair is fronting a resistance spotted at $25.15 and support seen at $23.18.

As of this writing, the AVAX/USD pair dipped to a new low that registered at $23.33 following a bearish overturn. Even though the token has spotted support at $23.18, the bulls are unable to thrust the price higher.

Avalanche Price Down By 5.70% Overnight

Currently, the AVAX/USD pair is experiencing resistance at around $25.15. More so, the pair is seen to plunge further in the coming days. The price has nosedived by 5.70% overnight with its market cap now at $6,638,597,842. Further, the coin’s 24-hour trading volume registered at $536 million.

On a 24-hour chart, the market is seen to be experiencing rejections spotted at $25.15 following a consolidation period. The prices also appeared stuck in the range of $23.18 to $25.15. Meanwhile, it’s likely that the market will go up once the coin breaches above the range.

With that being said, investors should keep an eye on a breach that will punch through the resistance level of $25.15 or a break below the support line of $23.18 that enable entry into new positions.

The pair shows an RSI of 52.63 and is currently fighting off resistance imminent at the $25.15 zone. It could be hovering over the overbought levels which show a short-term bearish momentum. The technical indicators show that the market is experiencing a bearish movement and a potential breach that shoots over $25.15 could lead to an increase in prices.

AVAX/USD Pair Dipped In Bearish Waters

The AVAX/USD pair’s MACD or Moving Average Convergence Divergence is swimming in bearish waters which translates to a bearish market. Moreover, the Bollinger Bands appear to swing close to one another indicating that the market is tipping on a consolidation rock.

Further, the 4-hour price chart for AVAX price reveals that the market is dreadfully bearish. In fact, prices have dropped tremendously as seen in the past couple of days as it feels like the coin is in a limbo state.

The decrease in AVAX volume also indicates the waning of investor interest and could nosedive in the short term. The critical support level for the AVAX/USD pair is at $23 and it’s likely that the market will slide further down to this level.

In general, AVAX price is showing a complete drop that will continue to bottom out in the short term.

AVAX total market cap at $6.4 billion on the daily chart | Source: TradingView.com

Featured image from The Daily Hodl, chart from TradingView.com

22nd July 2022

Avalanche Sustains 7-Day Upswing – Can AVAX Easily Breach $26?

Avalanche (AVAX) trails behind the plunge of Bitcoin (BTC), has also shaved 6% off its price in the last 24 hours.

On the brighter side, AVAX/USD is looking solid and rising following yesterday’s plunge which suggests a correction before a potential uptrend.

AVAX is currently trading at $25.10, up 7 percent in the last seven days, data from Coingecko show, Friday. But people should be on the lookout for the $25 zone.

If the price can go back to that level or above that range, then there is a high probability for a bull run.

Will AVAX Continue Its Retracement Or Maintain An Upside?

A week ago, AVAX was seen to have bounced back following its wedge formation. A breakout was also hinted following a strong consistent rally.

Now, Avalanche was able to run a strong breakout right above the resistance line. It was a robust upside but quite limited following its recent pullback.

It had its weekly high set at $26.30 but maneuvered a slight retracement showing the current market condition. So, the question now is if AVAX will continue its retracement or go all-in with its upside?

The recent breakout of AVAX is a positive sign that the price has surpassed a pivotal restriction point. The most recent reversal of AVAX happened right after the Money Flow Index (MFI) has intercepted the distribution zone.

There was an amplification of selling pressure seen in the crypto market during the last few days which gave the bulls some breathing space following their latest run. However, this deprived them of the opportunity to go higher.

AVAX total market cap at $7.05 billion on the daily chart | Source: TradingView.com

The current retracement depicts the HODLing activity of majority of AVAX holders which could be a preparation towards bullish recovery after it slumped in June.

Nevertheless, AVAX is seen to grow stronger due to its aggressive network expansion. There is a robust development activity going in which has been maintained by Avalance this July which encourages strong flow of AVAX and aptitude to maintain a ferocious price action despite pullbacks.

AVAX Growing Exponentially

July has been a good month so far for Avalanche especially after seeing phenomenal growth in terms of NFT trading volumes.

Yes, NFT trade volumes have seen exponential growth in the past two weeks which have contributed a lot of the increased demand for AVAX.

More so, the absence of massive sell-off is a good indicator that the market sentiment still favors the bulls. The future is indeed very promising for AVAX especially with its formidable utility power, energy efficiency, and massive growth.

Featured image from The Daily Hodl, chart from TradingView.com

11th May 2022