Merry Christmas y’all ! My gift for you is an analysis of Avalanche (AVAX), one of the top performers this year, surging from $8.70 in September all the way to $49. So let’s see what is next for Avalanche.
Where Will Avax Go Next
Firstly, let’s look at it from a weekly perspective to have a broad vision of the current situation Avalanche is in :
We can see that AVAX is in a position where it can go to or make a retest of the $40 zone. Moreover, the RSI is showing a loss of momentum but not a bearish divergence. After 3 months of nearly non-stop uptrend, Avax is in an important area.
If the price can push further, we might see Avax at . However, if there is a retest at and the level breaks below, we will see Avax at , which is an area that served as resistance historically but can be a great support now.
daily time frame, however, indictors tell us a different story :
As you can see, there is a bearish divergence on the RSI, however, it will only be validated if the price breaks the trendline I’ve drawn. Until then, it just shows a loss of momentum, but, just like the price can still make a higher high.
One of the pairs I like to look at is the AVAX/BTC pair that shows the strength of Avalanche against Bitcoin :
We can see that Avax has reached an important zone that might stop Avax’s trend or at least slow it. Only time will tell
Avalanche is one of the most performing assets in the top 10 market cap, it’s worth keeping an eye on for the coming months.
What about you ? Where do you see Avax heading next ?
As Always thank you for reading !
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Disclaimer : This is not a financial advice, you need to do your own research !
