AVAX Technical Analysis: Another Super-Performer of 2021, Waiting to Cross New Highs
Table of contents
Past Performance of AVAX
AVAX has been working its way up as an overachieving coin since the first day of January 2021 when it was trading at $3.5 and at the time of writing when it is trading at $117. This gives a clear return of 132% in 2021.
AVAX has fallen by 2% on a monthly basis in the AVAX/USDT pair but has been showing a range of trading between $75.79 and $146.22 during the last month. It touched its ATH of $146.22 in November 2021.
At the time of writing, the price is $118, which is a 4.5% increase within 24 hours.
AVAX Technical Analysis
At the time of writing, REV/USDT has been forming a head and shoulders pattern since November, when it touched its ATH. However, it fell to form a base of $81 and the price has been rising from there. The current price rise is one-half of the shoulder and predicts a “head” formation. One can lookout for a new ATH within a few weeks.
The following technical indicators can be seen for understanding the next few days’ movements.
The price has already crossed the Exponential Moving Average of $102, which should auger well for the future momentum.
The On-balance Volume shows a clear increasing pattern, with a steady rise to 196.8 million. The increase is a clear indication of trading interest in the spot market. One can be assured of this trend to continue for the next few days.
The RSI is 60%, moving towards the overbought zone, showing rising interest in the AVAX market. There is strength in the AVAX price for the continuation of upwards momentum.
The MACD line (fast line) is moving fast after crossing signal line on December 16. The fast line moved above the zero level above in divergence with the Signal line (slow line). The change in trend towards bullishness was obvious when this happened.
In a nutshell, the indicators suggest a bullish momentum for AVAX price in the coming days
Price Trends and Levels to Look in the Coming Day
In the coming few days, one can look at a new “head” price and a new ATH is reached.
The first resistance level of $120, the second resistance level of $127.26, and the third resistance at $140 can be easily achievable if the interest in AVAX continues.
In case the market dips slightly, one should expect it to fall near the pivot level of $109.87. In such scenario, the next support levels will be seen at $82.76, $77.47, and $64.00, respectively.