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AVAX Price Update: Avalanche (AVAX ) Pulls Off Monthy High, Good time to buy?

AVAX Price Update: Avalanche (AVAX ) Pulls Off Monthy High, Good time to buy?

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Avalanche (AVAX) price has been one of the best performing coins in the month of August. Prices have risen nearly 300% since the start of the month as investors have taken a strong bullish stance on the potential use cases of the AVAX technology. AVAX presents a highly scalable smart contract blockchain where they aim to allow any user to exchange and build Dapps in a completely decentralized way.

The activity of the Avalanche blockchain has skyrocketed over the last month as countless teams have launched their own projects on the network.

Since the bottom was set in late July, bulls have pushed AVAX price nearly 400% higher in only a months time. After such a large surge, a retracement is likely to come as some point. By the looks of the last few days of trading, Avalanche (AVAX) making a new high might depend on BTCs price action.

If Bitcoin continues dropping towards $40,000, AVAX price will have a hard time breaking the $58 mark. In the case BTC stays steady, Avalanche must break & hold the $48 mark along with the major resistance zone found from $53-$58. If bulls manage to pull this off, AVAX will go on to set a new ATH.

Avalanche Price Analysis: AVAX/USDT 4 Hour Chart

Since AVAX price hit its high of $59 3 days ago, price has been falling ever since. At the time of writing, AVAX just bounced off two very important markers. The first being a mid term trend line that Avalanche has held its entire uptrend ever since its low was set. The second being the 55 MA which has also acted as support ever since the low of $9 was set in late July.

If bears succeed in pushing AVAX below these two marks, AVAX price will then likely be in a confirmed downtrend. Price will first find support at the major support zone of $33-$37. Anything below this zone will lead to a -50% drop off monthly highs.

While looking at the Stochastic RSI, we can see its been stuck within the oversold region for nearly 2 days. A strong push above the 20 value along with a break of the downtrend line Is needed for AVAX to start a strong revival. Viewing the regular RSI, we can see a hidden bullish divergence has formed. This is a bullish sign that AVAX price may rise back near the $50 mark. A strong break above the 50 value will confirm this.

AVAX Intraday Analysis

Spot rate: $44.60
Trend: Bullish
Volatility: High
Support: $41.92
Resistance: $48.10

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

Domenic

Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.

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