menuIcon
$ 87,300.3
BTC
$ 87,300.3
0.72 %
$ 2,052.56
ETH
$ 2,052.56
0.18 %
$ 0.7453
ADA
$ 0.7453
0.50 %
$ 630.47
BNB
$ 630.47
-1.91 %
$ 142.00
SOL
$ 142.00
1.70 %
Peter Oleshchuk
Apr 9, 2022
by Peter Oleshchuk

AVAX Technical Analysis: The Last Correction Before The Upward Impulse

AVAX

Table of contents

  1. Technical Analysis Of AVAX On The Daily Timeframe
  2. The AVAXBTC Price Is In Combat Anticipation Of The Shot
The second attempt by buyers in two months to take control of the $100 mark ended in failure. A striking example of this was the new local fall wave during the trading week on 4 April. In a week, sellers with low volumes were able to absorb the results of buyers for the previous two weeks. The lack of decent resistance and interest from buyers threatens to continue to fall the AVAX price to $70. The test of this mark will determine the further medium-term AVAX price movement.

AVAX

The fact is that this mark shows the trend line of buyers, which they have been keeping since September 2021. The main task of this trend line is not to allow sellers to organize a deep correction in the AVAX market. From September 2021, we see that buyers are fulfilling this task, but it becomes difficult for them to conquer new local highs.

Therefore, the manifestation of the weakness of buyers near the mark of $70 will mean a high probability of continuing to fall to $55. The final target of such a fall wave is $37. At the moment, this is an alternative scenario, as the critical points are now under the power of buyers. However, given the behavior of Bitcoin, such a scenario should be kept in mind.

Technical Analysis Of AVAX On The Daily Timeframe

AVAX

Analyzing the movement of AVAX prices on the daily timeframe, you can see the prejudice of sellers. A new wave of fall in the market began on 1 April. Until then, sellers did their best to stop the price with limited orders. With the beginning of the new month, sellers were motivated to take action.

At the time of writing, the AVAX price has stopped at the local mark of $83. This mark served as local support for buyers to continue the growth trend. Confirmation of our words will be the AVAX trade on 19-26 March. However, given the two previous AVAX daily candles, it seems that the main target of sellers is to test the lower trend line of the formed consolidation triangle with a flat top. Such consolidation often shoots up. However, it is worth keeping back another attack by sellers.

The AVAXBTC Price Is In Combat Anticipation Of The Shot

TradingView Chart

From January 2022, there is a narrow consolidation on AVAXBTC market at the weekly timeframe. Sellers do not fall below the critical mark of 0.0017. Each trading week, which closes above 0.0017 raises the chances of the continued growth of the AVAXBTC price. To begin the active AVAXBTC growth phase, buyers should take control of the 0.0024 mark. After this small victory, the growth trend will accelerate and in this case you can fantasize about updating the historical high. An alternative scenario in the AVAXBTC market will happen after the loss of 0.0017 by buyers. In this case, we will expect the price to fall to 0.0012.

Follow us on: News
AVAX technical analysis $AVAX price AVAX market AVAX cryptocurrency AVAXBTC
AVAX Technical Analysis: The Last Correction Before The Upward Impulse
Peter Oleshchuk
Peter came to know about cryptocurrencies in 2017 and was instantly enamoured by their massive potential. As he gained more insights about the crypto market, he began writing about it. Peter's daily activity is analysis and forecasting, studying the price movements probabilities, and trying to understand the market inside. He is glad to witness such a phenomenon as cryptocurrency and decentralized finance, and to participate in it.

Top Picks