AVALANCHE Price Analysis: The support at $ 12.05 encouraged the token to chase R-1

  • The token has a 24 hour trading volume of 68,068,024 and the huge profit of 107.54 was seen.
  • The inverted hammer pattern was seen in the last lesson.
  • The RSI oscillator shows the neutral action with the value of 51.430.

TradingView

The coin is well below its 200 day moving average and the intact move at its 50 DMA continues. It’s been over a month since the same pattern has persisted. The graphic above shows the movement of the token in relation to SMA-20, SMA-50 and SMA-200. Along with the RSI oscillator. The RSI for the last 5 hours shows the value of 58,588 and marks the buy action. MA-5 shows the sell action, but MA-10 and MA-20 show the buy action. Bull / Bear Power indicates the buy action and the value is 0.5600. The current run of the token suggests a sale to its holders who bought back 100-200 days.

Volume / market capitalization of the token is 0.0325 and its market dominance is 0.15%.

The AVAX-BTC pair stands at 0.0003563 and has seen a 7.99% increase while the AVAX-ETH pair trails at 0.005386 and has seen the 4.54% increase in the last 24 hours . The token has shown a percentage increase of 5.83% since it opened yesterday.

Conclusion: SMA-20 is currently above SMA-50 and returns are expected to rise in the near future. The daily range for the token is 11.42-12.90 and is currently at 12.26. The timing for a sale is not appropriate at this time as the candlestick pattern is red and is likely to favor bears. The token could fall in the time to come and so the purchase would be more decent. To get the 8-12% returns, which were the highest in June, wait for the token to fall and then the returns would be possible. The coin was less volatile in June and is expected to continue running as well.

Technical analysis:

Pivot point: 12.29

R-1: 12.53

R-2: 12.68

S-1: 05/12

S-2: 11.90

(Note – the unit is USD)

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Mr. Pratik chadhokar is an Indian equity, foreign exchange, cryptocurrency and financial markets advisor and analyst with a background in IT and financial markets strategists. He specializes in market strategies and technical analysis and has worked as a speaker and observer in the financial markets for over a year.

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