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Avalanche analysis – the price is directly on the key resistance. Will he break it or not?

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Avalanche is heading for a long-term previous high so that he can definitively confirm trend reversal. However, contact with the previous maximum may not immediately mean an immediate break on the first try. However, it seems that volumes are high and there is a desire and willingness to trade AVAX.

As we can see, the market price is right at the point of control of the whole chart. This area can already have a reverse effect on the price. It is possible that the long-term maximum will soon arise and the price will rise again after a short-term correction leg. Although RSI is high, it does not indicate overbought in the market.

Avalanche is at the checkpointSource: TradingView

Avalanche is at the checkpoint

AVAX has grown in less than three weeks by about 70%. We can clearly consider this growth to be the strongest since December 2021. However, we must not forget that the price is exactly at the resistance of the maximum correction structure. So we don’t have a confirmed turn yet long-term trend.

Nevertheless, it is necessary to monitor the market as a whole. In case that change of sentiment remains, it is likely that AVAX will eventually overcome the resistance and the correction structure will be terminated. However, the signal has not yet occurred. Nevertheless, it is only a matter of time before the price manages to complete the correction.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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