Avalanche Grinds To A Halt As AVAX Breaks 2-Month Uptrend
August 18 2022 - 9:38AM
NEWSBTC
Avalanche (AVAX) price breaches an uptrend lingering in the
ascending parallel channel for two months now.
AVAX price dips below the ascending channel, breaching an
uptrend for two months Avalanche price
slides further down to $25 Price tagged
in the buy zone but lacks impetus to maintain the ascending
parallel channel Even though AVAX was able to break above $30, the
coin wasn’t able to fill in the cracks to $40. At first, support
seen at $28 controlled the bears’ grasp on the price but AVAX price
retraced at $26.22 and is in danger of plunging further down to $25
and $21. Related Reading: Dogecoin Jumps 15% In 24 Hours As DOGE
Overcomes Critical Level Avalanche Price Slides Down To $25
According to CoinMarketCap, AVAX price has nosedived by 5.53% or
trading at $25.89 as of this writing. AVAX faced hurdles as it
muscles out with resistance spotted at $30. Bulls tried to sustain
the upswing but the intense buying and selling pressure worked
against AVAX. Inevitably so, the Parabolic SAR that hovers above
the price heeled the scales towards the bears. With the support at
$28 breached, the focus will now be reverted to the levels $25 and
$21 which shores up the 100-day SMA. Now, trading below this level,
the 50-day SMA could impel the AVAX price heading to buyer
congestion seen at $21. As seen on the daily chart, the Stochastic
oscillator beefs up traction to its downbeat standpoint as AVAX
markedly dives under the midline. The continuous retreat of
Avalanche price may not be interrupted due to a bearish divergence
brought about by the Stochastic oscillator. Strong Sell Signal Seen
On 4-Hour Chart The Super Trend indicators currently show an active
sell signal depicted on the four-hour chart. Now, the sell signal
may dim the probability of an AVAX recovery. The index shrouds the
chart to look like a moving average but uses the ATR to measure
volatility. As of press time, AVAX will continue to delve into the
downhill range with the Super Trend indicator spotted above the
price. Supposing the technical factors work against the AVAX price,
many investors are confident that this is the best time to jump in.
As seen on the daily chart, the readings spotted above the mean
line indicate that Avalanche is magnified in value which hoists the
possibility of pulling back as investors thrust into profiteering
activities. On the other hand, any movement below that range would
indicate underestimating the value of AVAX which signals that it’s
the best time to buy. Related Reading: Polygon Seen Breaching $1
This Week – Can MATIC Start An Uptrend? AVAX total market cap at
$7.38 billion on the daily chart | Source: TradingView.com Featured
image from Al Bawaba, Chart from TradingView.com
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