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- AVAX price is up nearly 30% the last week
- AVAX Price just bounced off mid term trend line
- RSI prints hidden bullish divergence
AVAX Trading Levels
Avalanche (AVAX) price has been one of the best performing coins in the month of August. Prices have risen nearly 300% since the start of the month as investors have taken a strong bullish stance on the potential use cases of the AVAX technology. AVAX presents a highly scalable smart contract blockchain where they aim to allow any user to exchange and build Dapps in a completely decentralized way.
The activity of the Avalanche blockchain has skyrocketed over the last month as countless teams have launched their own projects on the network.
Since the bottom was set in late July, bulls have pushed AVAX price nearly 400% higher in only a months time. After such a large surge, a retracement is likely to come as some point. By the looks of the last few days of trading, Avalanche (AVAX) making a new high might depend on BTCs price action.
If Bitcoin continues dropping towards $40,000, AVAX price will have a hard time breaking the $58 mark. In the case BTC stays steady, Avalanche must break & hold the $48 mark along with the major resistance zone found from $53-$58. If bulls manage to pull this off, AVAX will go on to set a new ATH.
Avalanche Price Analysis: AVAX/USDT 4 Hour ChartLive Chart
Since AVAX price hit its high of $59 3 days ago, price has been falling ever since. At the time of writing, AVAX just bounced off two very important markers. The first being a mid term trend line that Avalanche has held its entire uptrend ever since its low was set. The second being the 55 MA which has also acted as support ever since the low of $9 was set in late July.
If bears succeed in pushing AVAX below these two marks, AVAX price will then likely be in a confirmed downtrend. Price will first find support at the major support zone of $33-$37. Anything below this zone will lead to a -50% drop off monthly highs.
While looking at the Stochastic RSI, we can see its been stuck within the oversold region for nearly 2 days. A strong push above the 20 value along with a break of the downtrend line Is needed for AVAX to start a strong revival. Viewing the regular RSI, we can see a hidden bullish divergence has formed. This is a bullish sign that AVAX price may rise back near the $50 mark. A strong break above the 50 value will confirm this.
AVAX Intraday Analysis
- Spot rate: $44.60
- Trend: Bullish
- Volatility: High
- Support: $41.92
- Resistance: $48.10
The post AVAX Price Update: Avalanche (AVAX ) Pulls Off Monthy High, Good time to buy? appeared first on Coingape.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.