AVAX Technical Analysis: Trading at $12.047, Slight Reduction from the Opening of $12.097
Avalanche is an umbrella platform for launching decentralized finance (DeFi) applications, financial assets, trading, and other services. It aims to be something of a global assets exchange, allowing anyone to launch or trade any form of asset and control it in a decentralized manner using smart contracts and other cutting-edge technologies. Developers at Ava Labs claim that Avalanche is the first smart contracts network to offer transaction finalization in under one second as standard. Avalanche launched its mainnet in September 2020. The platform’s native token, AVAX, performs various tasks within Avalanche and also functions as a rewards and payment system for users. Let us look at what does the technical analysis says.
On July 3, 2021, AVAX started trading at $10.989. As of June 4, 2021, the closing price of AVAX was $12.459. Thus, in the past week, the AVAX price has increased by 8.86%. In the last 24 hours, AVAX has traded between $12.464 – $12.421.
Day Ahead And Tomorrow
Currently, AVAX is trading at $12.047. The price has slightly reduced from the opening of $12.097. Thus, the very highly moving market is a little down, but we need to see the other indicators along to draw a conclusion. We can see the price touched its peak at $12.898 a few hours back, stayed flat around the price of $12.110 but is showing a downward trend for AVAX.
The MACD and signal lines are in the negative zone now but were quite high above zero some time back. Plus, a bearish crossover by the MACD line over the signal line has occurred.
The RSI indicator is at 41%. It has fallen from the 64% mark. Thus, it indicates that the selling pressure is high in the market. Hence, we can expect the price to fall for some time.
The price has tested and fallen below the Fibonacci pivot point of $12.135. As some of the oscillators have shown bearish signals, we can expect the price to fall and test the first Fibonacci pivot support level of $12.038 soon.
AVAX Technical Analysis
The price has been tested and is currently trading below the 38.2% FIB retracement level of $12.435. If the price falls below the 23.6% FIB extension level of $12.352 in some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue for a few hours.
However, if the price tests and rises above the 38.2% FIB retracement level of $12.154. It can test the 50% FIB retracement level of $12.472.