AVAX Surges 26%, Expect Price Pullbacks – Technical Analysis
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AVAX Surges 26%, Expect Price Pullbacks – Technical Analysis

March 10, 2021      Ankita Awasthi

Avalanche is a decentralized platform that aggregates other crypto assets and blockchain protocols on its network. AVAX is the customized token used for payments and rewards on the Avalanche blockchain ecosystem.

Past Trends

On March 3, 2021, AVAX opened at $27.15. As of March 9, 2021, AVAX closed at $34.31. Thus, the AVAX price has surged by approximately 26% in the past week. In the last 24 hours, AVAX was trading between $24.61 and $35.80.

AVAX Price Analysis

https://www.tradingview.com/x/mwFShFjN

Technical Indications for the Day-Ahead and Tomorrow

Today, AVAX opened at $34.30. Currently, it is trading at $31.81. Thus, the price is rising. The market seems healthy.

However, the MACD and signal lines are negative. There is bearish divergence here. Moreover, a bearish crossover by the MACD line over the signal line points towards an impending price pullback.

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The RSI indicator is presently at 51%. Three hours back, it had touched the 30% mark implying high selling pressures. Thereafter, it rallied to the current level. However, it faced rejection at 52% indicating that heavy sell-offs are taking place in the AVAX market. Thus, we can expect the price to dip.

The OBV indicator is slowly declining since this morning. But, the fall is not steep. Thus, buying volumes are still high in the market. Hence, we can expect the price to go up after an intermittent price pullback.

AVAX Price Analysis

Currently, AVAX is trading just above the Fibonacci pivot point of $31.57. The price may fall up to the first Fibonacci pivot support level of $27.30 before resuming its upward journey. However, if it falls below the subsequent support levels of $24.66 and $20.38, respectively, then probably a downtrend has set in.

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The price is likely to test the 38.2% FIB retracement level of $31.58 and fall below it soon as the bears are strong. However, by the end of the day, if the price retests and breaks out of the 23.6% FIB retracement level of $33.19, then the bulls have gained control again. In that case, the price uptrend will continue tomorrow as well.

#Avalanche #AVAX
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.