AVAX Technical Analysis: May Breakout of the First Fibonacci Pivot Resistance Level of $36.25
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AVAX Technical Analysis: May Breakout of the First Fibonacci Pivot Resistance Level of $36.25

May 4, 2021      Ankita Awasthi

Avalanche is influenced by its nature of open-source blockchain project that enables users to create decentralized apps. It also provides a robust infrastructure for financial engineering and the development of innovative interoperable blockchains. AVAX is the prime governance token of this network and the technical analysis is as follows:

Past Trends

On April 27, 2021, AVAX opened at $26.47. On May 3, 2021, AVAX closed at $35.87. Thus, in the past week, AVAX surged by approximately 36%. In the last 24 hours, AVAX has traded between $32-$36.19

https://s3.tradingview.com/snapshots/n/N9GCTJHF.png

https://s3.tradingview.com/snapshots/n/N9GCTJHF.png

Day-Ahead and Tomorrow

Currently, AVAX is trading at $37.34. The price has risen from the day’s opening price of $35.88. Thus, the market seems to be downtick.

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The MACD and signal lines are positive. Thus, the overall market momentum is positive. However, a bearish crossover by the MACD line over the signal line has occurred. Thus, the price pullback may continue for some time before the price starts rising.

The RSI indicator faced rejection at 54% and is currently at 62%. Thus, buying pressures are continually increasing. Hence, in conjunction with the signals given by the MACD oscillator, we can say that the price is expected to start rising after an intermittent price pullback.

The OBV indicator is also rising. Thus, buying volumes have surpassed selling volumes. Hence, the OBV indicator gives further credence to an impending price rise. In a nutshell, we can expect the price to start rising after a brief price dip.

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AVAX Technical Analysis

AVAX technical analysis shows its price is presently below the Fibonacci pivot point of $34.67. It may rise above the pivot point soon and may even break out of the first Fibonacci pivot resistance level of $36.25.

The price is soon likely to test and break out of the 61.8% FIB retracement level of $34.59. In some time, it may surpass the 76.4% FIB retracement level of $35.20. In that case, the price uptrend may continue today as well as tomorrow.

#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.