Avalanche (AVAX) continues to make new ATHs, has price peaked?

Avalanche (AVAX) has consistently hit new all-time highs since November 19 and is not yet showing any signs of weakening.

AVAX has been increasing rapidly since September 12th, after November 16th the increase was completely parabolic and recovered 77% in five days. This resulted in a new all-time high of $ 147 in November.

While the price initially generated a long upper wick (red symbol), which is taken as a sign of selling pressure, AVAX has regained its position and is moving back up.

The closest resistance is at $ 154, which is the external fib retracement level of 3.61 when measuring the recent decline (white). Alternatively, AVAX may rise to the 4,618 Fib level at $ 182.

AVAX / USDT daily chart | Source: TradingView

Has AVAX already reached the top?

Technical indicators have not yet shown any weakness.

The MACD, formed by the short and long-term moving averages (MAs), is in positive territory and rising. This means that the short-term MA is moving faster than the long-term MA.

The RSI, which is a momentum indicator, is rising and hitting above 70. Although this suggests it is overbought, the bulls are still in control. Additionally, the strongest parts of an upside move usually occur when the RSI is in the overbought territory.

More importantly, there was no bearish divergence, a signal usually associated with highs.

AVAX / USDT daily chart | Source: TradingView

While the six hour short-term chart could double tops, which is a bearish pattern, there is no bearish divergence in either the MACD or RSI.

AVAX / USDT 6-hour chart | Source: TradingView

AVAX / BTC

Trader @AltcoinSherpa sketched the AVAX chart, suggesting the pair could rise to an all-time high of ₿0.0018.

Since the tweet, AVAX has broken through the resistance area and hit a new all-time high.

Additionally, it has moved above the resistance range of ₿0.00236, which corresponds to the external fib retracement resistance of 1.61. The next resistance is at ₿0.0033, the external fib retracement level of 3.61.

Similar to the USD pair, there is no weakness in the technical indicators. Hence, AVAX is likely to continue rising towards the Fib resistance level at 3.61.

AVAX / BTC daily chart | Source: TradingView

You can see the AVAX price Here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

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