- The AVAX token price is trading above the demand zone on a daily time frame.
- The AVAX token price has formed a falling wedge pattern on a daily time frame.
- The pair of AVAX/BTC is trading at the price level of 0.0008252 with an increase of 2.79% in the past 24 hours.
The AVAX token price is hovering above the demand zone, after bouncing off the demand zone during the past 24 hours. The token price has bounced off the demand zone, which resulted in the strong bullish momentum. The AVAX token price is forming lower low and lower high formation on a daily time frame despite the bullishness. While on a lower time frame the token price is forming higher high and higher low price structures. The token price was continuously facing resistance off the green trendline and bouncing off the downward-sloping green trendline demand zone. The token price is consolidating on an hourly time frame. The AVAX token price is currently trading above the 50 and 100 MAs.Despite the recent rise in the AVAX token during the buying phase in the global market the token price is moving below the 50 and 100 MAs. Moving upwards the token price can be seen facing strong rejection at these MAs. The token price is currently trading at the lower band of the Bollinger band indicator. AVAX token price has also gone below the 14 SMA indicating bearishness to foray. Volumes have increased as the token price roser ot the supply zone.
The AVAX token price is forming a falling wedge pattern on a daily time frame
Average Directional Movement Index: ADX curve has been rising on a daily time frame despite the token continuing to fall. It is a positive sign for the token price. In a daily time frame, the ADX curve has dipped out of the 30 mark and has turned upwards. As the token price rests at the short-term demand zone on a daily time frame. Investors should wait for a positive candle formation at the demand zone.
Relative Strength Index: RSI curve is currently trading at the level of 37.45.RSI curve is yet to cross the halfway mark of 50. Once the token price bounces off the demand zone, the RSI curve can be seen moving upward crossing the halfway mark of 50, supporting the trend of the AVAX token. The RSI curve has also crossed the 14 SMA upwards indicating upwards movement. If the token falls below the demand zone, the RSI curve can be seen falling further.
Moving Average Convergence Divergence: The MACD indicator is positive as the token price rose to the supply zone. As seen on the chart, the token price is trading near the important supply zone in a daily time frame and as a result the MACD indicator also gave a positive crossover. The blue line crossed the orange line on the upside. If the token price falls further the MACD lines can be seen triggering the negative crossover and if it breaks the supply zone the MACD lines can be seen widening supporting the trend.
CONCLUSION: The AVAX token price is bearish as seen in a weekly time frame. Price action suggests the same, but on a daily time frame, the token is still in bullish mode. The technical parameters are bullish as the token price rose to the important supply zone. It remains to see if the AVAX token price will break the supply zone or face rejection from there and fall..
SUPPORT: $14.00 and $14.50
RESISTANCE: $17.50 and $18.88