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Home Crypto News AVAX

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

2 years ago
in AVAX, AVAX Price, AVAX Price Analysis, CoinGape, Crypto News, Price analysis
Reading Time: 2 mins read

The AVAX coin displayed an incredible rally in its chart, where the coin price has grown around 110% in just one month. The coin price is currently busy making new higher highs as the price action has not shown any reversal sign. A positive piece of news that would have favored the AVAX coin would be Delottie using the Avalance blockchain to build a better disaster relief platform.

Key technical points:

  • The AVAX coin price obtains good support from the 50 EMA line
  • The daily RSI line refuse to rally like AVAX price 
  • The intraday trading volume in the AVAX coin is $1.75 Billion, indicating a 9.73% loss.

TradingView Chart

Source- AVAX/USD chart by Tradingview

On November 7th, the AVAX coin provided a proper confirmation for resuming its uptrend when it broke out from the previous swing high of $79.1. The coin initiated a strong rally, and till now, it has surged 50% from the breakout point.

The coin price 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 price and indicates bullish alignment in the crucial EMAs(20, 50, 100, and 200)

The Relative Strength Index(75) indicates that the coin price is currently under a bullish sentiment. However, compared to the coin’s price action, the RSI line has not provided significant growth.

AVAX/USD Chart In The 4-hour Time Frame

TradingView Chart

Source- AVAX/USD chart by Tradingview

The AVAX chart showed the price gave a bullish breakout from a rising parallel channel in the 4hr time frame chart. A bullish breakout of such patterns indicates, even more, buying pressure from the market participants. 

Now, the Resistance trendline should act as a good support level, and by displaying good demand pressure at this level, the coin traders should get an entry opportunity.

 

The post Avalanche Price Analysis: AVAX Coin Shows Steady Growth In The Technical Chart; When Will A Buying Opportunity Occur? appeared first on Coingape.

This article is added for educational purpose only. All credit goes to the respected author of this article. All In One Crypto App do not hold any liabilities of this article. You can get the source link at the end of the article content.


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