17 MARCH 2022 | ZebPay Trade-Desk
AVAX is up by 2% week-on-week and has increased 11% in the last 24 hours. Market cap is approximately $21bn. The asset broke its critical support level at $65, and bounced from there. This resulted in a positive shift of the RSI, which indicates that the selling pressure has been decreasing.
AVAX trades at $76.72 as of the writing of this article.
Over the past four months, AVAX has been in a downtrend. The asset gains strong support, bounces from $60 to $65 levels, but it is still struggling to break the downward trendline. Avax also made a “Spinning Top” Candle at $65 to indicate indecision and has begun moving up. If the breakout happens above the descending trendline and with high volumes, then the asset can rally and rise to the $100 mark.
Support 2Support 1AssetResistance1Resistance 2$53$65AVAX$82$100
Bitcoin, Ethereum Cash, and other cryptocurrencies are investments. Bitcoin, Bitcoin Cash, Ethereum, etc. These are highly speculative investments and can be subject to market risk. The author’s analysis is intended to be used as information only and not as investment advice.
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