- AVAX price is currently in a bullish move, up 17.19% in an intraday session. In contrast, the AVAX / BTC pair is also seeing a 10% gain.
- Technical indicators for the AVAX price point to a correction. Meanwhile, recent news on the AVAX Verso Finance project has pushed the price up.
Why invest in an avalanche?
AVAX is an umbrella platform for the introduction of decentralized financial applications, financial investments, trading and other services. It’s supposed to be something like a global asset exchange that allows anyone to launch or trade any form of asset and control them in a decentralized manner using smart contracts and other cutting-edge technologies. It was founded by Emin Gun Sirer and launched its main network in September 2020. After launch, Avalanche’s price has made significant gains.
A token offer was recently oversubscribed for an AVAX-based Verso Finance project. This has brought the AVAX price to a new high. It also created a positive sentiment towards the avalanche
Technical indicators indicate a correction in the AVAX price
Source: trade view
The avalanche price is showing an upward trend on the weekly technical chart. Upon reaching the daily time frame, the coin has seen a 20% jump. The bullish rally in the daily timeframe can continue for additional days. In contrast, on an uptrend, the coin can encounter resistance at USD 40. On the other hand, you can see a bounceback starting at $ 24. It trades above 50 and 100 moving averages. The 50MA (RED) line costs $ 29.55, which is a temporary support for the price. On the shorter time frame of the 4 hour chart, the coin has formed an upward channel pattern. If the price makes a 15% jump across the channel, a rally of up to $ 50 can be seen.
RSI (Bearish): It stands at 78.55 and shows its presence in the overbought zone. This suggests that the price on the 4-hour chart is experiencing a small bearish trend. The general sentiment of the RSI is bearish.
The AVAX price has seen significant increases in the past. The latest news regarding Verso Finance’s token issuance has pushed the price even higher. One can wait for a fix before taking any action.
Main grant: $ 24
Big resistance: $ 40
Receive these messages by hand via telegram. Join our Telegram for similar news and information on CRYPTOCURRENCY, BITCOIN, BLOCKCHAIN NEWS and price predictions.