Avalanche Price Steadies Above $22, Could Attempt To Touch $26
04 Agosto 2022 - 11:00PM
NEWSBTC
Avalanche price action has remained bearish on the chart at the
time of writing. AVAX has maintained the price above its support
line of $22. Right after the coin surged and revisited the $24
mark, it started to retrace on its chart. This is a price
correction as Avalanche price showed appreciation over the last two
weeks. At the moment Avalanche is witnessing a profit booking which
has caused buying strength to fade away over the last few days.
Incase Avalanche price manages to push above the $25 price zone,
the bullish force might gain strength. Buyers can again find their
way back to the market if AVAX falls on its chart which in turn
could trigger another rally. Broader crypto market strength also
remains low with BTC crawling below the $23,000 price mark.
Ethereum too extended losses over the last 24 hours. Most altcoins
followed the same price trajectory. For Avalanche price to reclaim
its immediate resistance of $24.8, strength from buyers remain
crucial. The global cryptocurrency market cap today is at $1.1
Trillion with a 2.5% fall in the last 24 hours. Avalanche Price
Analysis: Four Hour Chart AVAX was trading at $23.12 at the press
time. It displayed a correction after it witnessed a rally in the
past two weeks. Immediate support for the coin was at $22 and
continued selling pressure could push Avalanche price to $21.
Overhead resistance for Avalanche was at $24.8, a break above that
level could catapult Avalanche price to $26. The coin has been
struggling to break past the aforementioned price level for
multiple weeks now. At the moment, sellers have flocked the market
for profit booking as Avalanche price registered an upswing just
two weeks ago. The volume of Avalanche traded in the past session
was less compared to the session before that. This could hint
towards fall in buying strength. Technical Analysis The altcoin’s
buying strength was low on its chart. The recent profit booking was
the reason why sellers outnumbered buyers. Technical indicators
signalled the same reading. The Relative Strength Index was parked
a little below the half-line which meant that selling pressure was
higher than buying pressure. Avalanche price peeped slightly above
the 20-SMA line, this could be a mixed signal. A reading above the
20-SMA means bullish, a reading below that means sellers were
driving the price momentum in the market. Related Reading: Here’s
What Bitcoin Institutional Inflows Says About The Month Of July The
other technical indicators painted a mixed signal. The Chaikin
Money Flow that is concerned with the capital inflows and outflows
was seen to be in a positive zone. CMF’s reading above the
zero-line indicated that capital inflows exceeded outflows at the
time of writing. Moving Average Convergence Divergence depicts the
price momentum and change in price direction. MACD also underwent a
bullish crossover and formed green histograms. Green histograms
were signs of buying signal for the coin. This also meant that if
buyers acted on it, AVAX would register gains. Related Reading:
Avalanche (AVAX) Poised For 25% Rally Ahead Of Seoul Web3 Hackathon
Featured image from Kalkine Media, chart from TradingView.com
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