August 9, 2022

Avalanche Price Analysis: AVAX Coin Shows Steady Growth In The Technical Chart; When Will A Buying Opportunity Occur?

2 min read

AVAX coinAVAX coin

The AVAX coin showed an incredible rally in its chart, where the coin rate has actually grown around 110%in simply one month. The coin rate is presently busy making new greater highs as the rate action has actually disappointed any turnaround indication. A favorable piece of news that would have favored the AVAX coin would be Delottie utilizing the Avalance blockchain to construct a much better catastrophe relief platform.

Key technical points:

  • The AVAX coin cost obtains great assistance from the 50 EMA line
  • The daily RSI line decline to rally like AVAX price
  • The intraday trading volume in the AVAX coin is $1.75 Billion, suggesting a 9.73% loss.

TradingView Chart

< img src="https://s3.tradingview.com/snapshots/t/TbM9EbVH.png"alt=" TradingView Chart"/ >

Source-AVAX/USD chart by Tradingview On November 7th, the AVAX coin offered a proper verification for resuming its uptrend when it broke out from the previous swing high of $79.1. The coin started a strong rally, and till now, it has surged 50% from the breakout point.

The coin rate has reached the 1.0 Fibonacci extension level and suggests the next resistance level at the $148( 1.414) mark. Moreover, the 50 EMA line provides strong support to the coin rate and suggests bullish positioning in the crucial EMAs(20, 50, 100, and 200)

The Relative Strength Index( 75) suggests that the coin cost is presently under a bullish sentiment. Nevertheless, compared to the coin’s price action, the RSI line has not provided significant development.

AVAX/USD Chart In The 4-hour Time Frame

TradingView Chart

< img src="https://s3.tradingview.com/snapshots/y/Y1JsUrGz.png"alt="TradingView Chart"/ > Source- AVAX/USD chart by Tradingview

The AVAX chart showed the cost provided a bullish breakout from an increasing parallel channel in the 4hr amount of time chart. A bullish breakout of such patterns indicates, much more, buying pressure from the marketplace participants.

Now, the Resistance trendline should act as a great assistance level, and by displaying excellent need pressure at this level, the coin traders need to get an entry opportunity.

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