Avalanche (AVAX) price edges lower on Wednesday amid global risk aversion. There are many factors playing in the market ranging from the U.S Federal Reserve and some of its major central banking peers’ interest rate decisions, Geo-political tension between Russia-Ukraine, and pivotal economic data in the European and U.S economies.
- Avalanche (AVAX) price pares initial gains on Wednesday.
- AVAX prepares for the next leg up with an eye on the $100 mark.
- The U.S dollar index gains above 97.0 amid risk aversion.
The recent developments affect the traditional financial market like stocks, bonds, commodities, which is also impacting the global crypto market. The U.S Dollar Index (DXY) stands strong above 97.0 with more than 1% gains.
As of press time, AVAX/USD is exchanging hands at $84.49, down nearly 3% for the day. The 24-hour trading volume of the 10th largest cryptocurrency by market cap holds at $1,746,230,038 falling 30.78% so far.
AVAX looks for signs of bullish continuation
On the daily chart, Avalanche (AVAX) price trades inside the ‘Symmetrical triangle’ pattern. The price remained pressured near the descending trend line of the triangle. However, AVAX is riding along the bullish sloping line marking the crucial demand zone extending from $53.0 to $64.53.
A resurgence in buying pressure would further determine the upper breakout of the symmetrical triangle pattern. A daily candlestick above $90.0 will set the upside directional basis for the asset.
Next, market participants will keep their eyes on the psychological $100.0 level.
On the flip side, if the price breaks the session’s low then it will move toward the $72.0 that coincides with the ascending trend line. Furthermore, a spike in sell order would pierce below the trend line with a revisit to $64.53.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) reads at 51 above the average line.
MACD: The Moving Average Convergence Divergence (MACD) slide above the midline with a bullish bias. Any uptick in the indicator will result in the upside momentum continuation.
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