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Technical analysis AVAX – the price is rising sharply despite market indecision

1 min read
Technical analysis AVAX - the price is rising sharply despite market indecision
Source: Shutterstock.com/Hakan GERMAN

Avax is located in strong growing trend unlike other high-cap coins. At its last maximum of $ 146 reached a double peak which represents resistance. However, local lows are still rising and no lower or equal ones have formed during the last increase. So at this point, we can’t identify if the market is there sideway or corrected.

Volumes are constantly growing which is a bullish signal, although the price has stagnated in recent days. The nearest support is on MA21, but that doesn’t mean they have to endure. We will be more interested in the position the last local minimum at $ 128. If the price goes below this level, we are in a correction.

AVAX / USD 4HAVAX / USD 4H. Source: TradingView

AVAX is bullish, but needs to cool down

In the short term, it looks like the price needs to cool down and for a while we will go down slightly. Last corrections during the last growth they recorded almost 20%. The current decline is thus weaker than the previous ones.

Now we will have to wait for either the reverse 123 pattern, or the price will immediately shoot us up in the form of V-shape recovery, similar to the last two cases. The long-term trend does not change, the sentiment remains the same, but in the short term, the price needs to pick up strength before it can continue to rise.

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