Avalanche is an open-source platform for decentralized applications and enterprise blockchain deployments in a highly scalable, interoperable ecosystem. It enables the participation of millions of independent blockchain validators as full block producers through the entire Ethereum development toolkit and confirms transactions in under one second. With over 1,000 nodes, the testnet broke the world record for most active nodes. Let us look at the technical analysis of AVAX.
<h2><strong>Past Performance </strong></h2>
On September 11, 2021, AVAX opened at $49.48. On September 17, 2021, AVAX closed at $69.93. Thus, <a href="https://www.cryptoknowmics.com/news/avalanche-reaches-all-time-high-with-the-announcement-of-a-230-million-raise/">in the past week</a>, the AVAX price has increased by approximately 40.39%. In the last 24 hours, AVAX has traded between $60.92-$74.16.

<img class="tv-snapshot-image" src="https://s3.tradingview.com/snapshots/v/Vj8ZU6nE.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/Vj8ZU6nE/">https://www.tradingview.com/x/Vj8ZU6nE/</a>
<h2><strong>AVAX Technical Analysis
</strong></h2>
At the time of writing, AVAX is trading at $49.48. The price has increased from the day’s opening price of $69.93. Thus, indicating a bullish day ahead.

The MACD is currently above the zero range. However, we can witness a bullish crossover by the signal line over the MACD line, near the zero range. If the buying pressure overcomes the selling pressure, the lagging indicator may breakout above the zero range.

Talking about the <strong>RSI indicator</strong>. It is more than 70%. It is constantly facing rejection at the 51% mark, which is acting as a strong support level. However, it is making a bullish divergence. Thus, buying pressures are slowly mounting.  We have to wait and watch if buying pressures become strong enough to bring about a fresh breakout.

The <strong>OBV indicator</strong> has broken its downtrend and picked up an upward trajectory.

In short, when we look at oscillators, we can say that the price may continue to rise for the rest of the day. However, we cannot rule out the possibility of a trend reversal.
<h2><strong>Day-Ahead and Tomorrow </strong></h2>
Currently, AVAX is trading below the <strong>second Fibonacci pivot point</strong> of $78.83. If the bulls remain strong till day end, then the price is likely to rise above the <strong>50% FIB resistance level</strong>. Since it will enter into an uncharted zone, we can not give the price levels.

On the downside, if the price breaks the support level of $60.38, then we can expect a strong downward movement in the price. It will highlight the next support level of $48.26.

Thereafter, we have to wait and watch if the price retests and breaks out of these levels. In that case, the price downswing is likely to continue tomorrow as well.

AVAX Technical Analysis: Price Is Likely to Rise Above the 50% FIB Resistance Level

If Avalanche breaks the support level of $60.38, then we can expect a strong downward movement in the AVAX price. It will highlight the next support level of $48.26.Thereafter, we have to wait and watch if the price retests and breaks out of these levels. In that case, the price downswing is likely to continue tomorrow as well.

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.

AVAX Technical Analysis: Price Is Likely to Rise Above the 50% FIB Resistance Level

Top Picks