Avalanche (AVAX) price has shown an increased buying activity over the past few sessions. The current price action corresponds to the rising wedge pattern that is showing some buying opportunities in a downtrend market. The formation is typical transforms into a bearish breakout.
Key points to understand
- The 20 DMA offers dynamic support to AVAX price
- AVAX price depicts a short-term bullish outlook.72
- The intraday trading volume in the AVAX Network coin stands at $722623,808, indicating a loss of 16%.
According to the recent Crypto Carbon Rating Institute, Avalanche is quite an eco-friendly public blockchain that uses about 0.0005% of the amount of energy used by the Bitcoin blockchain.
AVAX rises inside rising wedge indicating upcoming selling pressure
AVAX price continued the downside momentum in January that begins in November. However, the price finds some bottom buying opportunities near the lows of $54.50 made on January 24. Furthermore, after a few hiccups, AVAX bounced off and entered an uptrend that has seen 32$ gain so far.
The current price action should face the upside rejection near the upper trend line at $77.70. However, the confirmation of the uptrend can be only be verified above the decisive close above $80.0.
The recent price action brought a quick recovery in the RSI slope from the oversold zone. The slope has crossed above a resistance trendline and 14-SMA line.
AVAX/USD has been trading above the 20 DMA now. In the previous encounters whenever the price has tested the moving average it has risen toward the uptrend channel.
On the other hand, if the price breaks below the low of February 3 at a low of $65.67 then it would head toward the low of January 24 at 54.50.
- Sandbox (SAND) Jumps 16% Ahead Of Listing On This Top Exchange
- Is Do Kwon’s Terra Recovery Plan Part Of A “Kill Switch” Protocol?
- This Top-50 Crypto Jumped 28% This Week Despite A Market Crash
- Goldman Sachs: Crypto Drawdown Will Have Little Impact on U.S. Economy
- Just-In: Ethereum Merge Most Likely In August, Says Vitalik Buterin
- Beware, Bitcoin Jumping Back Above $30,000 Could Be A Dead Cat Bounce, Here’s why
- Terra Ecosystem Announces Some Key Amendments to Its Revival Plan
- Breaking: Stablecoin Tether ($USDT) Reveals Reserves Fully Backed In New Report
- LUNA Crash: Blockchain Firm Losses $3.5 Billion As Terra (LUNA) Crumbles
- SWIFT Plans To Interlink All CBDCs, Here’s Why
- Bitcoin Price Analysis: BTC Price Strikes $30000; Breakout Or Fakeout?
- TRX Price Analysis – Another Bullish Attempt For $0.075 Breakout
- KuCoin Price Analysis: Low Volume Rally Hints Pullback Opportunity in KCS
- Polkadot Price Analysis: Bull Trap May Drag DOT Price To $7.3 Mark
- APE Price Analysis: Triangle Breakout Eyes 55% Rise in APE
- Ripple Price Analysis: XRP Price Remains Pressured Below $0.45
- EGLD Price Analysis: Decreasing Volume Hints EGLD to Reverse from $75
- Cardano Price Analysis: ADA Price Prepares For 22% Jump; Are You Holding?
- Bitcoin Price Analysis: BTC Price Holds Above $30,000; Opportunity To Buy?
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000