Could Avalanche (AVAX) Rally Since January Bounce?
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Avalanche (AVAX) has been exchanging in a range afterward bouncing on Jan 22. It is presently dealing right in the middle of this range.
Back in January, AVAX dropped from its all-time excessive cost of $147 (November 2021), nevertheless continuing to garner strong support.
So far, the descending progress has led to a low of $52.95 on Jan 22. The cryptocurrency jumped subsequently. While it is not exactly clear where the horizontal range is as a result of the presence of persistent wicks, it seems to be at $77.5 (red icon). Conversely, the closest support area is at $55.
Therefore, it is possible to state which AVAX is exchanging in a field between $55 and $77.5.
What is Avalanche (AVAX)?
Launched in September 2020 on Mainnet, Avalanche (AVAX) is an open-source programmable smart contract platform that believes in utilizing three intercombined blockchains, rather than one. It is one of the first decentralized smart contracts platforms built for scaling global finance, with near-instant transaction finality – developed by Ava Labs and CEO Professor Emin Gün Sirer, who teaches computer science research at Cornell University.
With a $16.9 billon market cap as of 2021, Avalanche factd a rate gain of over 3,000%, according to The Motley Fool. It began the 2022 year in 64th position in terms of market cap and completed in 10th place. More than 150 projects presently run on Avalanche, leapefully lending favor to AVAX continuing an ascending trend.
Ongoing jump
The daily chart shows that AVAX has leap at the 0.618 Fib retracement support level at $61.70. Yet, the leap has been weak so far.
moreover, technical indicators do not yet endorse the bullish annulment. While the MACD is moving skywards, it is not yet positive. Similarly, the RSI is increasing but has not yet developmentd atop 50.
In addition to this, AVAX has been following a weakening resistance line afterward the aforementioned all-time strong cost.
Therefore, during the time an skyward developmentment towards this resistance seems inclined, technical indicators do not yet logicalate the likeliness that the cryptocurrency will break out.
Short-term AVAX shift
Cryptocurrency trader @PostyXBT tweeted a chart of AVAX, that shows that the cryptocurrency is exchanging within a momentary soaring wedge. The wedge is contemplated a bearish arrangement, thus a crack-up from it would be the most likely scheme.
Since the tweet, the cryptocurrency has broken down from the wedge.
The first range that could provide support is at $61.40. This is the 0.618 Fib retracement support level although measuring the skyward evolution afterward Jan 22.
It is expected which AVAX will create a higher low at this level before mequivalentg an attempt at moving towards the protracted-term plunging resistance line.
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