Avalanche Grinds To A Halt As AVAX Breaks 2-Month Uptrend

Christian Encila

1 year ago

3 mins read

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Avalanche (AVAX) price breaches an uptrend lingering in the ascending parallel channel for two months now.

AVAX price dips below the ascending channel, breaching an uptrend for two months
Avalanche price slides further down to $25
Price tagged in the buy zone but lacks impetus to maintain the ascending parallel channel

Even though AVAX was able to break above $30, the coin wasn’t able to fill in the cracks to $40. At first, support seen at $28 controlled the bears’ grasp on the price but AVAX price retraced at $26.22 and is in danger of plunging further down to $25 and $21.

Avalanche Price Slides Down To $25

According to CoinMarketCap, AVAX price has nosedived by 5.53% or trading at $25.89 as of this writing.

AVAX faced hurdles as it muscles out with resistance spotted at $30. Bulls tried to sustain the upswing but the intense buying and selling pressure worked against AVAX. Inevitably so, the Parabolic SAR that hovers above the price heeled the scales towards the bears.

With the support at $28 breached, the focus will now be reverted to the levels $25 and $21 which shores up the 100-day SMA. Now, trading below this level, the 50-day SMA could impel the AVAX price heading to buyer congestion seen at $21.

As seen on the daily chart, the Stochastic oscillator beefs up traction to its downbeat standpoint as AVAX markedly dives under the midline. The continuous retreat of Avalanche price may not be interrupted due to a bearish divergence brought about by the Stochastic oscillator.

Strong Sell Signal Seen On 4-Hour Chart

The Super Trend indicators currently show an active sell signal depicted on the four-hour chart. Now, the sell signal may dim the probability of an AVAX recovery.

The index shrouds the chart to look like a moving average but uses the ATR to measure volatility. As of press time, AVAX will continue to delve into the downhill range with the Super Trend indicator spotted above the price.

Supposing the technical factors work against the AVAX price, many investors are confident that this is the best time to jump in.

As seen on the daily chart, the readings spotted above the mean line indicate that Avalanche is magnified in value which hoists the possibility of pulling back as investors thrust into profiteering activities.

On the other hand, any movement below that range would indicate underestimating the value of AVAX which signals that it’s the best time to buy.

AVAX total market cap at $7.38 billion on the daily chart | Source: TradingView.com

Featured image from Al Bawaba, Chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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