AVAX short-term bearish trend
The AVAX price is currently below the 20-day and 50-day Exponential Moving Averages (EMA) (magenta and orange lines), indicating a short-term bearish trend. Market sentiment remains pessimistic, negatively impacting demand. The 4-hour analysis suggests that AVAX may struggle to break through the upper resistance level, which is also evident on the daily chart. I marked in blue the support zone that has been lost for now, but it could be reclaimed as it has proven to be quite strong in the past.
RSI: Bearish (below 50)
Stochastic RSI: Oversold, so a slight rebound is expected
MACD: In the bearish zone and showing a bearish signal
For a long time, AVAX was moving within the yellow sideways range, but due to BTC’s influence (what else?), it broke downward and re-entered the downtrending channel (red zone). However, if Jeremiah doesn’t tear down the sandbox and we can keep playing, I believe AVAX will break out of this downtrend since, in my opinion, it is undervalued.
Nevertheless, I’ve outlined a Plan B (red path), which could influence its movement. If tonight turns out badly, there’s a chance that even the $31 support zone won’t hold, and AVAX could drop to the $26 zone. But this is just speculation—I find it more likely that the "kick effect" will work at the $31 level, pushing the price upwards if it reaches that point.
Red zones: Resistance levels
Green zones: Support levels
A bullish divergence is visible on the RSI in the 4-hour chart (orange line)
What do you think about AVAX? Option A or B (black or red path)?
RSI: Bearish (below 50)
Stochastic RSI: Oversold, so a slight rebound is expected
MACD: In the bearish zone and showing a bearish signal
For a long time, AVAX was moving within the yellow sideways range, but due to BTC’s influence (what else?), it broke downward and re-entered the downtrending channel (red zone). However, if Jeremiah doesn’t tear down the sandbox and we can keep playing, I believe AVAX will break out of this downtrend since, in my opinion, it is undervalued.
Nevertheless, I’ve outlined a Plan B (red path), which could influence its movement. If tonight turns out badly, there’s a chance that even the $31 support zone won’t hold, and AVAX could drop to the $26 zone. But this is just speculation—I find it more likely that the "kick effect" will work at the $31 level, pushing the price upwards if it reaches that point.
Red zones: Resistance levels
Green zones: Support levels
A bullish divergence is visible on the RSI in the 4-hour chart (orange line)
What do you think about AVAX? Option A or B (black or red path)?
Magyar Discord Szerver -> Link Tagsághoz: whop.com/kriptoarenayt/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Magyar Discord Szerver -> Link Tagsághoz: whop.com/kriptoarenayt/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.