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Avalanche Price Steadies Above $22, Could Attempt To Touch $26

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Avalanche Price Steadies Above $22, Could Attempt To Touch $26

Avalanche price action has remained bearish on the chart at the time of writing. AVAX has maintained the price above its support line of $22. Right after the coin surged and revisited the $24 mark, it started to retrace on its chart.

This is a price correction as Avalanche price showed appreciation over the last two weeks. At the moment Avalanche is witnessing a profit booking which has caused buying strength to fade away over the last few days.

Incase Avalanche price manages to push above the $25 price zone, the bullish force might gain strength. Buyers can again find their way back to the market if AVAX falls on its chart which in turn could trigger another rally.

Broader crypto market strength also remains low with BTC crawling below the $23,000 price mark. Ethereum too extended losses over the last 24 hours. Most altcoins followed the same price trajectory.

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For Avalanche price to reclaim its immediate resistance of $24.8, strength from buyers remain crucial. The global cryptocurrency market cap today is at $1.1 Trillion with a 2.5% fall in the last 24 hours.

Avalanche Price Analysis: Four Hour Chart

Avalanche was priced at $23.12 on the four hour chart | Source: AVAXUSD on TradingView

AVAX was trading at $23.12 at the press time. It displayed a correction after it witnessed a rally in the past two weeks. Immediate support for the coin was at $22 and continued selling pressure could push Avalanche price to $21.

Overhead resistance for Avalanche was at $24.8, a break above that level could catapult Avalanche price to $26. The coin has been struggling to break past the aforementioned price level for multiple weeks now.

At the moment, sellers have flocked the market for profit booking as Avalanche price registered an upswing just two weeks ago. The volume of Avalanche traded in the past session was less compared to the session before that. This could hint towards fall in buying strength.

Technical Analysis

Avalanche displayed fall in the number of buyers on the four hour chart | Source: AVAXUSD on TradingView

The altcoin’s buying strength was low on its chart. The recent profit booking was the reason why sellers outnumbered buyers. Technical indicators signalled the same reading. The Relative Strength Index was parked a little below the half-line which meant that selling pressure was higher than buying pressure.

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Avalanche price peeped slightly above the 20-SMA line, this could be a mixed signal. A reading above the 20-SMA means bullish, a reading below that means sellers were driving the price momentum in the market.

Avalanche flashed buy signal on the four hour chart | Source: AVAXUSD on TradingView

The other technical indicators painted a mixed signal. The Chaikin Money Flow that is concerned with the capital inflows and outflows was seen to be in a positive zone. CMF’s reading above the zero-line indicated that capital inflows exceeded outflows at the time of writing.

Moving Average Convergence Divergence depicts the price momentum and change in price direction. MACD also underwent a bullish crossover and formed green histograms. Green histograms were signs of buying signal for the coin. This also meant that if buyers acted on it, AVAX would register gains.

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Altcoins

‘Exhausted’ AVAX may not follow the general trend; Instead, here’s what’s up

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‘Exhausted’ AVAX may not follow the general trend; Instead, here’s what’s up

The first half of August brought good tidings for AVAX holders, as has been the case for most cryptocurrencies. However, the market is now about to enter the second half of the month, with AVAX already showing signs of a potential pullback.

AVAX’s bulls demonstrated strong momentum in the first week of August. However, the second week just concluded with a notable decline in momentum. Any upside over the last few days was also met with some resistance, especially near the $30-price range.

Exhausted bulls?

AVAX’s latest performance is not surprising. Especially since this is because the resistance level seemed to be manifesting after it recently retested its ascending support line.

The latter is part of the ascending channel in which AVAX has been trading, after bottoming out near mid-June.

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Source: TradingView

The trend line is not the only sign of a potential retracement. It also turns out that AVAX’s rally briefly pushed it into overbought territory, according to the RSI. In fact, it has been hovering near the overbought zone since, with the bulls attempting to push up further.

These bearish expectations can be backed by a drop in volume ever since AVAX entered its press time resistance zone. This observation seemed to align with the weaker bullish momentum seen over the aforementioned period.

Source: Santiment

In addition, investor sentiment registered a notable change this past week. This change was picked up by the FTX funding rate, which dropped substantially after hitting a monthly peak last week. This confirmed that investors in the derivatives market are currently less optimistic about the bulls.

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AVAX’s weighted sentiment has also dropped slightly since 9 August. A confirmation that the sentiment is no longer predominantly bullish. In fact, at press time, it was in the negative zone, confirming that many investors expect a reversal.

Source: Santiment

Exploring all possible outcomes?

If the market can maintain its upside, chances are that AVAX might retain its press time range. However, the prevailing sentiment means it might not manage more upside without encountering significant sell pressure.

On the other hand, this is the third time that AVAX is retesting the resistance line. This is confirmation that the press time northbound price channel is growing stronger. In other words, investors should watch out for a potential breakout, especially if the next bullish wave returns with more momentum.

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Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael’s writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.

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AVAX Holds Steady And Sets Sights On $50 Barrier Breach

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AVAX Holds Steady And Sets Sights On $50 Barrier Breach

Avalanche (AVAX) price may be a point of interest for many analysts especially since the gaming token is exhibiting formidable strength amid a bear market.

  • AVAX price reveals a consistent ramping activity combined with a rise in price.
  • Avalanche RSI reveals a breach on the overbought zone.
  • High probability of breach can occur at the $50 barrier.

AVAX Shows Solid Traction At $29.50

According to CoinMarketCap, AVAX price is currently swinging it at $29.50 and is showing immense bullish traction with an increase of 5.45% as of this writing.

In the right market conditions, traders can anticipate high volatility. The token’s price may be ideal for scalping this month. Technical indicators on AVAX price are showing signs of a bull run. More so, the token’s RSI was able to breach the overbought zone. In addition, Avalanche’s Volume Profile Indicator shows a ramping pattern.

With these technical patterns, it’s wise to conclude that AVAX price is on the calm phase awaiting the storm surge. A breach at $30.50 could be compelling enough to push the coin to new heights. The token’s first target is set at $40 and next will be at $50.

If the technical patterns are truly bullish, then AVAX will not drop and breach liquidity levels that sit right under the swing low of $22. If this bearish trajectory happens, then this can impede the uptrend of AVAX price as the token can dip to $14 or even $10.

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AVAX Suggests Rounding Bottom Pattern

Judging by the Avalanche on a daily chart, the rounding bottom pattern is quite prominent. With this pattern, AVAX had no problem breaking the resistance zone of $28.8, and aiming to go higher. But, the trades will have to ignore the supply pressure to provide a candle closing seen hovering above the barrier.

The long-tail rejection spotted on August 8 implies that the sellers fought hard to defend the barrier set at $28.8.  In addition, the daily chart also indicates Avalanche’s bullish crossover sliced in the middle of the 20-and-50-day EMA. AVAX intraday trading volume showed a pump in price of 6.68% or $891.6 million.

The AVAX/USDT pair displayed a remarkable reversal in price movement after it slumped at $14.94 seen in June 2022. With this bullish action, the price also increased by 118% as seen in the past two months peaking at $30.

The immediate price reversal formed a rounding bottom pattern with the neckline spotted at the $37 mark. The engulfing candle is extremely bullish and breached the $28.44 zone showing intensified buying activity.

In spite of the bullish reversal, a candle spotted nearing the $28.75 level will be a pivotal sign that validates the formation of the rounding bottom pattern.

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AVAX total market cap at $8.4 billion on the daily chart | Source: TradingView.com    Featured image from Forkast, Chart from TradingView.com

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Where could Avalanche [AVAX] go with these developments

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Where could Avalanche [AVAX] go with these developments

The Avalanche network in the late hours of 9 August reached a new milestone after it recorded an all-time high in daily transactions metric. It was accomplished when the metric crossed 1.51 million transactions.

Interestingly, the previous all-time high (ATH) was observed just a day earlier. What’s more impressive is that the value of the metric was greater than that of Ethereum, Arbitrum, and Optimism combined.

Source: Patrick O’Grady/ Twitter

There’s more to it

Ava Labs has also been actively developing the network. They have released an upgrade called AvalancheGo Verbier which is named after a popular skiing destination. Head of Engineering at Ava Labs, Patrick O’Grady, stated,

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 “Over the last few months, we’ve been shipping large and expansive changes to the PlatformVM to prepare for v1.8.0. This release is almost exclusively dedicated to that effort.”

Furthermore, the core browser extension announced its support for custom Avalanche subnets along with Ethereum and EVM-compatible chains as well.

This update puts users firmly in control of all their cross-chain assets and makes it simple to access their favorite dApps across networks.

It also allows users to easily view, bridge, and transfer assets across multiple blockchains. This update puts Avalanche in a pole position to scale its operations on a large platform.

That being said, Hubble Exchange has launched a native perpetual futures exchange on Avalanche. The exchange lets traders collateralize multiple tokens to trade perpetual futures contracts, giving traders the ability to maintain exposure to digital assets while using them as collateral to trade perpetuals.

How is AVAX reacting?

In response to the above-mentioned developments, Avalanche’s governance token AVAX, at press time, was trading at a loss of 2.92% over the past day.

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According to data from CoinMarketCap, AVAX, at the time of writing was changing hands at $27.38. But it still managed to put together a bull run that led AVAX at 16.55% gains this week.

The fallout on 10 August was visible across most major cryptocurrencies and was seen as a reaction to the inflation news coming out of the United States.

There has also been a sharp decline in volume across Avalanche with a nearly 21% dip over the day.

Now, will the token recover as market sentiment improves, remains the tight-lipped question in the Avalanche community.

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Kanav is a journalist at AMBCrypto. He has a Masters in Media and International Conflict and is interested in areas of digital society, crypto developments in the political sphere and the socio-cultural impact of a crypto-society.

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