- The Avalanche coin has breached yesterday’s swing high in intraday trading session.
- Despite the downtrend, the AVAX coin has reclaimed nearly 22% in its market Cap in the last 24-hours.
- The AVAX/BTC pair price is trading at 0.001125 Satoshis, bullish by 12%.
Avalanche Coin has been performing poorly since early April after being rejected from the $261 mark (90-day high). During the roller-coaster ride, price action shows lower-low and lower-high formation and a lost critical hedge zone (green box).
For the past five weeks, the weekly price candle has been forming a bearish candle below a descending trend line (Yellow). Most recently, the AVAX token recorded a 70-week low of $64.8 last night.
At the time of writing, the AVAX token is trading at $34, up 22.3% from a market cap of $9.1 billion over the past 24 hours, according to CMC. Moreover, the AVAX/BTC pair is trading at 0.001125 Satoshis, which is up by 12%.
Again the trading volume seems to be the same as in the late March sessions, again with volatility gradually increasing, so buyers failed to hold Avalanche coin above the $100 conceptual round level. In contrast, trading volume declined by 43% compared to the previous night.
In terms of daily price, the 20 EMA has been in a red zone of volatility for the past several weeks. So far, all EMAs (including 20, 50, 100 and 200) are well above the current price of AVAX Crypto.
Investors aim to reclaim $100 mark
The RSI indicator is moving into oversold territory after failing to receive rejection from the semi-line (50 Mark) as well as maintaining the uptrend line (blue) in the context of the daily price graph.
Similarly, MACD continues to move lower in negative territory after a bearish crossover.
conclusion
Although Avalanche investors managed to break the previous swing high, it again faced pullback pressure in the intraday trading session. But bulls must keep AVAX crypto above the $90 mark for the crypto to move towards the $100 conceptual round level.
Support level – $65 and 50
Resistance level – $100 and 120
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
