Why AVAX Coin failed to break 100-DMA today? –

  • Avalanche Coins broke the downtrend of the last 24 hours.
  • The AVAX coin fell near the 100-day moving average on the daily price scale.
  • The price of the AVAX coin pair with the bitcoin pair is up 3.5% at 0.00114 Satoshis.

The Avalanche coin saw a positive breakout this week, with the price movement indicating a bullish gain of 11.5% so far. The AVAX currency has started to refuse bearish orders again, despite being bullish for several days. Buyers are struggling to keep the asset price in the upper zone after seeing the hammer candle on July 26th.

Between mid-April and mid-May, the bears experienced a very rapid fall as buyers turned to the 2022 lows at $13.7. For the bulls, this was a good leading indicator. During the daily price scale, price activity signals an up-down trend.

Despite the uptrend, buyers are now under selling pressure. Avalanche Coins broke the downtrend of the last 24 hours. At the time of writing, the AVAX token was trading at $26.4 during the retracement phase. Moreover, the price of pairing AVAX coins with the Bitcoin pair is up 3.5% at 0.00114 Satoshis.

The volume of transactions increased gradually along with the recovery. As a result, the currency regularly trades well above the 20- and 50-day moving averages. However, the bulls fell near the 100-day moving average during the midday trading session.

Buyers failed to hold price above near 100-DMA

On the daily price scale, the Parabolic SAR indicator is watching below the current AVAX price. Moreover, the RSI indicator shows a bullish momentum for the asset.

ALSO READ – MAKER Token Price Analysis: MKR Token Finally Breaks Out Of The Supply Zone, Will It Hold Above?

Conclusion

Avalanche Coin has approached the 100-day moving average on the daily price scale. However, there was a bullish breakout last night, if the bears fail to break the 100 DMA, they might see a downward correction.

Support level – $20 and $10

Resistance level – $30 and 40

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only, and they do not constitute financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.

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Richard L. Militello