AVAX out of breath: is Avalanche’s crypto about to go all-schuss again?

AVAX out of breath: is Avalanche’s crypto about to go all-schuss again?


in this new crypto nugget from Wednesday, our appointment to analyze an altcoin, we will be interested in cryptocurrency AVAXthe native token of Avalanche Blockchain. The network continues to develop gradually on the fundamental aspect. But, for all that, is it also positive on the technical aspect of the course? Today’s objective is to identify the major levels that need to be monitored and, possibly, the bias to have on AVAX for the next few weeks.

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AVAX is currently stuck in a weekly range

Avax price against the dollar weekly

First, we can confirm the potency of the downtrend which is registered in the year 2022 on AVAX. The act is an opportunity to return at the end of December to the low point which had been recorded during the summer of 2021. Currently, the act is evolving in a range which was formed during the months of October and November with joint born high at 18.50 dollars and a lower bound at $12.

After a downward deviation returning to $10.54, AVAX has suddenly rejoined the range and now finds itself below the upper limit on which it was rejected a few months earlier. Having been unable to free itself from this resistance for three weeks, is it a waste of time and should we put aside the bullish objectives?

For the asset to manage to stay above the pivot level of the Scope a $14.40we can preserve the bullish bias on the asset with the breakout of the Scope as a weekly goal. This is the watch level in the range since a passage of the price under the $14.40 Will testify to the strength of the sellers and will cause the price to return to the lower limit. Moreover, it seems important to notify the presence of an Equal Low to $9.32 where the price could have to return to seek resources.

The bullish momentum is running out of steam on AVAX

AVAX out of breath: is Avalanche’s crypto about to go all-schuss again?
AVAX price against the dollar on a daily scale (1D)

In this second part of the analysis, we will use a smaller time scale to get a better understanding of the price swing of the past few days. What must be identified is the obvious shortness of breath of the bullish momentum on the asset. After several days, all attempts to break the resistance are repealed, which has led AVAX to inscribe wicks several times.

However, the asset manages so well to preserve the uptrend. Over the next few days, the compression that has been taking place on prices since last week will be resolved by a powerful movement. Although it is under resistance, AVAX has every chance of operating a bullish breakout of the range. If he arrives, he will go a first time towards $20.45/$20.65 I found resistance in confluence with the EMA200.

However, yes AVAX is unable to free itself from its upper limit and that it only operates as a trend by going back below the $15.80 (previous trough) the activist will head towards the pivot level which I purposely widened on this chart reporter so you can reach a wider intervention zone at $14.20/$14.60. This is a level where the asset could rebound and, despite the many signs of a trend reversal that could register, the bullish momentum could reappear in this scenario.

Bouncing back against bitcoin is complicated but not impossible

Price of AVAX against Bitcoin on the 3D time unit
Price of AVAX against Bitcoin on the 3D time unit

To close this technical analysis, we can look at the price of the asset against the king of cryptocurrency. You can probably ask yourself what is the point of leaning into this pair? At the time when stablecoins did not develop in the cryptocurrency ecosystem, they were analyzed in the face of Bitcoin Which, even today, is the market leader with the largest capitalization. It is a relevant way to determine the situation of an asset against bitcoin, whether it is underperforming or outperforming.

In reality, he acted upon his return on a medium to 6,550 satoshis Recovering fairly quickly from support at 7,380 satoshis. Having had the opportunity to return to a resistance, the challenge for AVAX is to cross this level to register in a favorable situation against Bitcoin. Notwithstanding, if the activa does not succeed and it returns to 6,550 satoshis, it will be necessary to monitor the capacity to AVAX rebound again as a break down will likely result in significant underperformance. For now, it’s best to have a bullish bias on

Here we are at the end of this analysis of AVAX. It is currently under resistance in the face of dollarthe challenge lies in the coming days in its ability to break free from resistance to continue an upward momentum which, in recent days, has run out of steam. Against Bitcoin, AVAX is in good shape, but for all that, it is now that it must bounce back and demonstrate its strength against the king of cryptocurrencies. This would be a perfect opportunity for the asset to move higher. However, if it does not succeed, other than the pivot level, nothing prevents the asset from returning to the lower limit at 12 dollars.

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