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
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
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.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
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
According to Beincrypto
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Ripple Trading Volume Increases 40% Quarterly Amid Ongoing SEC Lawsuit
Notcoin first campaigns will be launched next week, offering rewards but cautioning against unstaking.
LayerZero Labs wraps up LayerZero sybil self-report and identifies 803,093 potential fraudulent addresses.
The Coinbase outage was attributed to an error in the Coinbase Card reward service, causing…
Grayscale spot Bitcoin ETF has ended a four-month outflow streak, seeing nearly $32 million in…
The court approved Genesis distribution plan to return $3 billion in assets to customers, overcoming…
This website uses cookies.