AVAX Technical Analysis: When Can You Buy With Confidence?
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Starting from 14 March, the situation on the AVAX market has changed. Buyers were able to absorb several weekly candles from sellers thanks to one weekly candle. However, globally, the price is still within the consolidation range of $55-$90. Therefore, local victories of market participants in this range in any case can not be perceived as signals for action. If during the trading week on 21 March, buyers will be able to break and fix above $90 - this will be a specific signal to investors to aggressively buy AVAX. The main target of this scenario is $236. Given how Bitcoin is held and the prospect of USDT dominance declining is high, this scenario is highly likely. But, it should be understood that market sentiment can change quite quickly in consolidation. So if buyers can't keep the $70 mark, the AVAX price could collapse to a terrible $40 mark.
Technical Analysis Of AVAX On The Daily Timeframe
Analyzing the AVAX price movement on the daily timeframe, you can find more positive. Starting on 14 May, the AVAX market specifically switched to the wave of purchases. Each daily candle closed above the opening price. On average, the AVAX price increased during the day by 5%-7%. Trading volumes and low volatility do not yet allow us to say with confidence that a new growth wave has begun. However, this assumption is highly probable. Buyers were able to break the trend line of sellers, which they have held since the end of December. The main problem is the $93-%97 range.
Given the fact that buyers do not give the opportunity to price even the smallest correction, the breakdown of this range may be without local correction. If the BTC price continues to grow to the range of $45,000-$46,000, this will give the AVAX cryptocurrency to complete the correction in the market. But, even with a sudden fall wave to $70, the high chances of continued growth will remain. If the main target in the weekly timeframe is $236, then in the daily one it would be good to start with $126. It was after an unsuccessful attempt to break this mark on 22 December that the AVAX price fell by 50%.
The AVAXBTC Price Is On The Verge Of Failure
The final note of sobriety in the AVAX market situation is given to us by the AVAXBTC chart. In the weekly timeframe, we see that the price, being at historical highs, is starting to slow down and cling to the bottom trend line of the black growth channel. While the range of 0.0017 is under the control of buyers - we expect the price of AVAXBTC to continue to move within the black growth channel. However, the loss of control over the mark of 0.0017 will lead to a sharp AVAXBTC price fall with a target of 0.0012. Therefore, in the case of investing in the AVAX cryptocurrency we should now insure our risks so as not to hang in a loss-making position for a long time.