Avalanche Price Analysis: AVAX Cools Off Following a New ATH at $147

source : cryptopotato.com

Key Support levels: $124, $110

Key Resistance levels: $147, $160

AVAX has finally met some resistance after a significant rally which took it to $147. The price is currently correcting. As such, the cryptocurrency can find good support on the $124 and $110 levels depending on how deep the correction is, while the levels found at $147 and $160 will act as resistance.

img1_avax
Chart by TradingView

Technical Indicators

Trading Volume: Very strong and sustained volume during the rally. However, because of the current pullback, it’s important to wait for a support level to hold before.

RSI: The RSI on the daily timeframe is curving down after nearly touching the 80 points level. If the correction continues, the RSI is likely to fall back under 70 points.

MACD: The MACD on the daily timeframe is also curving back down and the histogram has made a lower high. This indicates a temporary reversal until bulls return. On the 4-hours timeframe, the MACD completed a bearish cross.

img2_avax
Chart by TradingView

Bias

The macro trend remains quite bullish despite this correction. It’s important to remain vigilant following a massive rally of this kind.

Short-Term Price Prediction for AVAX

AVAX has to find support during this correction and stop the fall in price before higher prices can be achieved. As such, the support levels just above $100 can provide a good base for the next rally, if bulls return in force.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to $1750.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Leave a Reply

Your email address will not be published. Required fields are marked *