The AVAX coin displays a steady uptrend in the technical chart making a new all-time high at the $417.3 mark. This coin showed a minor pullback yesterday and now eyes to breach this new resistance too.
The ADA coin is currently in a short-term downtrend that is steadily falling to the lower levels of this chart. However, it seems the coin aims to drop more than the expectation of long traders as its price has recently given a breakdown from the crucial support of $1.9.
AVAX/USD Chart In The 4-hour Time Frame
Source- AVAX/USD chart by Tradingview
Trending Stories
As mentioned in my previous article on AVAX/USD, the coin price resonated in a rising channel pattern in the 4-hour time frame chart. Furthermore, with the increasing bullish momentum in this coin, the price gave a bullish breakout from this pattern, providing an excellent opportunity for crypto traders.
The coin continued to rally stronger and surged 27% before giving a decent pullback. Today, the token is up by 11% and aims to breach the new All-Time High of $146.2.
The 50-day EMA is providing strong support to AVAX price. Moreover, the Relative Strength Index value at 70 confirms a bullish sentiment for this coin.
ADA/USD Chart In The Daily Time Frame
Source- ADA/USD chart by Tradingview
Referring to my previous article on Cardano, I have clearly explained the importance of $1.9 due to the confluence of the few crucial technical levels. On November 16th, the coin price breached this critical support level, triggering an excellent sell opportunity for crypto traders.
However, it is highly suggested that these traders strictly follow their risk management, as the chart also displays a hidden bullish divergence in RSI and a few lower price rejection candles below the broken support, indicating the presence of demand pressure.
If the price could sustain below $1.9, the coin has a high possibility of dropping to the $1.5 mark.
.
- Hard Fork Vs Genesis Chain: Terra Team Clears Air Around Debate
- Prominent Investment Officer Predicts More Downside For Bitcoin Price, Here’s Why
- Investors Move $141 Million Out Of Crypto: CoinShares Report
- Just In: S. Korea Police Seek To Guard LUNA Assets
- Incoming Shiba Inu Rally? Over 22 Billion SHIB Tokens Burned Across 497 Transactions
- French Luxury Brand Balenciaga To Accept Crypto Payments In U.S.
- PayPal May Soon Accept All Forms Of Crypto Reveals Vice-President
- Crypto Analyst Predicts What Will Kickstart Next Bitcoin Bull Run
- Just-In: South Korea May Sue Crypto Exchanges Over Terra Crash
- Breaking: S. Korean Exchanges Redflag Litecoin Mimblewimble Update; May Delist LTC
- What Next For The Fast Recovering FTM Price?
- Ethereum Price Analysis: Triangle Pattern Foretells Upcoming Rally in ETH
- Zilliqa Price Analysis: Channel Breakout Hints ZIL Price to hit $0.1
- Bitcoin Price Analysis: Trapped Bullish Momentum Need Triangle Breakout
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Solana Price Prediction 2022: Bulls to drive SOL Price to new Highs?
- Theta Price Prediction 2022 : Analysts Insights into the crucial Reversal levels
- Sandbox Price Prediction 2022 : Analysts Show Optimism Towards The Metaverse SAND Token
- Apecoin Price Prediction 2022 : The future of Web3 and NFTs ?
