Avalanche (AVAX) Analysis

2 min read April 18, 2024

Richard Fetyko

Avalanche (AVAX) Analysis

In addition to automated chart patterns, altFINS’ analysts conduct technical chart analyses of top 30 cryptocurrencies. We call these Curated Charts and they evaluate 5 core principals of technical analysis: Trend, Momentum, Patterns, Vo lume, Support and Resistance.

Avalanche (AVAX) technical analysis:

Trade setup: Trends are mixed. Price had a bearish breakout from a Channel Up pattern and is near a robust support zone ($28-32). Swing Traders:Near term, price is oversold (RSI ~ 30) near $28-32 support zone, which means that it could bounce up to $40 for a +20% gain. Stop Loss (SL) level at $27. (set a price alert).

Trend: Downtrend on Short- and Medium-Term basis and Uptrend on Long-Term basis.

Momentum is Bearish but inflecting. MACD Line is below MACD Signal Line and RSI is below 45 but momentum may have bottomed since MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing.

Support and Resistance: Nearest Support Zone is $28, then $19. The nearest Resistance Zone is $40 – $43 (previous support), then $50.

See more curated charts of coins with technical analyses.