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Avax forms an Inverted Flag Pattern indicating continued Correction

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The AVAX price receives dynamic support from the 20-day EMA line.
In the daily chart, the RSI slope indicates a significant rebound.
The AVAX Network coin’s intraday trading volume is $1.81 million, representing a 20% loss.

The price of AVAX had a substantial drop in January. The coin’s value plunged by half in less than a month to $53.6. This collapse has been extended by the recent relief rally in the AVAX/USD combination, which has created an inverted flag pattern.

The AVAX price demonstrated a relief bounce to the $97 barrier.  However, the crypto market’s abrupt sell-off breached the 200-day EMA and 50 percent Fibonacci retracement, bringing the coin’s price down to $53.

The bearish onslaught has been halted by a common support zone of $53 and 0.618 FIB level, which has sparked a retest of the 200-EMA. If sellers can keep the AVAX price below $76 for an extended period, the coin’s price will continue to fall.

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The RSI slope has quickly recovered from the oversold zone due to recent price surges. The slope has passed above a resistance trendline and the 14-SMA line, suggesting that coin buyers are becoming more powerful.

Source – TradingView

Above the $77.8 level, there is a bullish opportunity

On the 4-hour set timeframe graph, the AVAX/USD pair is forming an inverted flag pattern. Once the coin price falls off of the rising support trendline, this bearish continuation pattern might present a good selling opportunity.

Crypto traders may anticipate a decent rebound potential if the ALT price breaks over the joint resistance of $77.8 and the 20-day EMA line. The falling ADX slope indicates a loss of selling momentum. A break out of the price pattern, on the other hand, would set off an upward trend.



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