Avalanche (Avax) Update 63%+ Gain to ATH Triple Bottom FormedAvalanche (Avax) Update 21/03/21, be patient 63%+ Gain to ATH $59.7. $AVAX
Update 10/03/21 on Avalanche (Avax) BUY triggered by script 13EMA crossing up 50SMA
Avalanche (Avax) BUY triggered by script 13EMA crossing up 50SMA, 90% gain from current price level back to ATH price level! Bulls back in the market!
Avalanche (Avax) Buy Opportunity 90%+ Gain Triple Bottom Formed, Stochastics on the Weekly still showing a buyers market with a strong bullish sentiment short-midterm. Avax's price soared to a new ATH on 10/02/21 @ $59.7 and has since retraced from this huge explosive parabolic move forming a triple bottom. The stochastics on the Daily chart and 4H both show an extremely oversold market, further the triple bottom signifies that the Bulls are coming into play and this could be the sign of recovery back to the ATH levels previously set on 10/02/21. Currently the price level has tested and broken just above the 200 SMA signalling bullish sentiment but a possible test back to the 200 SMA and a break below this level would signal a strong signs of a some retracement or consolidation short-term. A trigger of the 13 EMA crossing up 50 SMA would be another confirmation of this move back towards to upside, gaining 90%+ on its way back to ATH levels and a possible push further to the 127.20% Fibonacci level and a new ATH @ $70.
Use the buy zones area to map out Buys from zone 1 below the 23.30 Fib level and zone 2 between the 23.20% & 38.20% Fibonacci level. Happy trading :)
Key Notes on this project:
Avalanche is an open-source platform for decentralized finance (DeFi) applications and enterprise solutions. Developed and launched in late September by Ava Labs, the team raised a total of $60 million across three separate sales. The Block has identified 54 projects and companies across 11 different verticals currently expanding on its ecosystem.
Capped Supply
An important characteristic of a store of value is scarcity. Unlike most other staking platforms which have an unlimited supply and continuously increase their supply at a compounded rate, Avalanche has a fixed capped supply of 720 million, creating scarcity. 360 Million tokens were minted at launch (with the vast majority locked up in vesting periods between 1 and 10 years) whilst the other 360 million are used for rewards for staking. As with Bitcoin , reward rates will decrease over time as it gets closer to the capped supply (although at a much smoother rate rather than infrequent halvings).
