AVAX Technical Analysis – Price May Break Out of $40.76 and $41.85
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AVAX Technical Analysis – Price May Break Out of $40.76 and $41.85

April 15, 2021      Ankita Awasthi

As per technical analysis, Avalanche is a smart contracts platform developed using a pathbreaking consensus protocol. It executes digital currency transactions instantly, supports the Ethereum development toolbox, and enables a large number of miners and developers to effectively use the Avalanche app building platform. AVAX is the customized token of this ecosystem.

Past Trends

On April 8, 2021, AVAX opened at $29.58. As of April 14, 2021, the closing price of AVAX was $38.34. Thus, in the past week, the AVAX price has soared by approximately 30%. In the last 24 hours, AVAX has traded between $37.91-$40.76.

AVAX Price ANalysis

 

https://www.tradingview.com/x/3QyW1WQJ/

Day-Ahead and Tomorrow

Currently, AVAX is trading at $39.75. The price has increased from the opening price of $38.39. Thus, the market seems healthy.

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The MACD and signal lines have turned negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Thus, we can expect a price pullback.

The OBV indicator is upward sloping. Both the price and the OBV indicator are rising. Thus, the bullish trend is strong. Buying volumes are very high. Hence, we can expect the AVAX price to rise further.

Currently, the RSI indicator is at 40%. The RSI faced rejection at 32% and rose to the current level. Thus, buying pressures are slowly mounting. Hence, we can expect the price to increase further.

AVAX Technical Analysis

As per technical analysis, currently, the price is above the Fibonacci pivot point of $39. It will soon break out of the first resistance level of $40.09. If the bulls remain strong throughout the day, the price may break out of the subsequent levels of $40.76 and $41.85 respectively.

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The price is soon likely to break out of 38.25 FIB retracement level of $39.67. In some time, it is likely to break out of 23.6% FIB retracement level of $40.09. Thus, the price uptrend is strong and is likely to 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.