TA: AVAX Struggles To Hold Above Resistance As It Eyes $40

Name	Symbol	Market	Market Cap ($)	Algorithm
Avalanche	AVAXUSD	Crypto	13,109,824,788	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Avalanche

AVAXUSD

Crypto

13,109,824,788

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.930	2.77%	34.53	34.52	34.53

Price Change

Price Change %

Current Price

Bid Price

Offer

0.930

2.77%

34.53

34.52

34.53

High Price	Low Price	Open Price	Prev. Close	52 Week Range
34.91	33.31	33.67	33.60	8.62 - 65.38

High Price

Low Price

Open Price

Prev. Close

52 Week Range

34.91

33.31

33.67

33.60

8.62 - 65.38

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	14:26:35	28.04	34.53	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

14:26:35

28.04

34.53

USD

Price x Volume	Volume	Base Symbol	Related Pairs
10,891,736.09	319,659.85	AVAX	AVAXEUR	AVAXGBP	AVAXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

10,891,736.09

319,659.85

TA: AVAX Struggles To Hold Above Resistance As It Eyes $40

03/08/2022 6:15pm

NEWSBTC

Avalanche (AVAX) struggles to hold above key support that will set the tone for a rally to the $40 mark region anticipated by many. The price of Bitcoin (BTC) saw a retracement as it could not break and hold above important support that corresponds with the daily 50 exponential moving average (EMA). BTC’s unable to hold that region has led to AVAX struggles to form good support. Avax Weekly Chart Analysis The weekly chart for Avax shows a downtrend reversal to a low of $16.3, where buyers were more willing to step into the market. The chart shows the price of Avax needs to break and close above $23.7 for it to resume its bullish movement to the $40 mark price anticipated by investors. Avax has formed strong support at the $16.3 mark area, with more buyers willing to place bids in this region. This region can be seen as a good demand zone should the price of Avax retraces back to the current price. Major resistance on the weekly chart – $23.7 Major support on the weekly chart – $15 Avax Daily Chart Analysis The daily chart for Avax price shows it is struggling to reclaim the 50 exponential moving average (EMA); this corresponds to a key resistance stopping the price of Avax from rallying higher. Avax on the daily chart has good support at around $16.3 with a triple bottom formation. A triple bottom is a bullish trend reversal formation that allows investors to accumulate more crypto assets. With the price of Avax breaking above the 50 EMA and closing above this region would be good for bulls to push this price higher. The cost of Avax is trading below the 200 EMA, which could act as the Idea resistance for Avax when there is a clear breakout above the 50 EMA. The price of Bitcoin is trying to reclaim the $24,000 region, which has proved difficult; a reclaim and close above this resistance with good volume would allow the price of Avax to rally with good buy volume. The daily chart’s volume and relative strength Index (RSI) looks good, with the RSI above the 50 mark area. Daily resistance – $24.7. Daily support – $20.5. Avax Price Analysis On The 4H Chart The price of Avax on the 4H chart shows the price has reclaimed both the 50 & 200 EMA, indicating an upward trend if all market conditions remain favorable. Avax on the 4H chart has resistance at $25.43, trying to build and break out of a bullish symmetric triangle. A break and close above the triangle would signal a good rally for Avax. The volume of Avax shows buyers are stepping into the market after a series of panic sales due to market decline. Avax has a relative strength Index above the 50 mark showing good signs of buy orders in the market. Should Avax fail to go higher in the price above $25.43, a pullback is expected to the support that corresponds with the 50 EMA. Resistance on the 4H chart – $25.42. Support on the 4H chart – $23.4. Featured Image From Finbold, Charts From TradingView.com

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

AVAXUSD Avalanche