Avalanche (AVAX) Analysis

2 min read September 22, 2023

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: After a failed breakout from Ascending Triangle pattern (was rejected at 200-day MA ~ $16), price has broken back below $14 and resumed its downtrend. Price has reached and broken below $10 support, making a new Lower Low, consistent with a downtrend. That’s significant because that level held up in June and Dec 2022. (set a price alert).

Trend: Downtrend across all time horizons (Short- Medium- and Long-Term).

Momentum is Mixed as MACD Line is above MACD Signal Line (Bullish) but RSI < 45 (Bearish). MACD Histogram bars are declining, which suggests that momentum is weakening.

Support and Resistance: Nearest Support Zone is $9, which it broke. The nearest Resistance Zone is $10 (previous support), then $14.

See more curated charts of coins with technical analyses.