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AVAX Technical Analysis: Price Has Entered a Box, Oscillating in a Range

cryptoknowmics.com 11 October 2021 09:39, UTC
Reading time: ~2 m

Avalanche was developed by Ava labs in 2020. It primarily works on systems like DeFi and DAapps. Avalanche is a platform for creating custom blockchain networks and decentralized applications (dApps), and it is a rival to Ethereum. Let us look at the technical analysis of AVAX.

Past Performance of Avalanche

The previous week started with an opening price of $68.68 on October 4, 2021. The trend entered a box and finally closed at $56.59 yesterday on October 10, 2021. Thus, there was an overall change of -17.6% in the price.

Source: https://www.tradingview.com/x/1MaOADcr/

AVAX Technical Analysis

The price has entered a box, which means it is oscillating in a range. From the chart, the current upper limit is $76.90 and the lower limit is $55.22.

The current trading price of AVAX is $57.84 which is about 2.4% up. The trend has entered into a box, and hence it is oscillating between the upper and lower limits.

OBV is supporting the inference that the trend is stable. This can be seen as the OBV line is almost straight, meaning that the selling and buying pressures are balanced. Traders may hold positions and wait for the trend to come out of the box.

RSI is again near the equilibrium, which is a neutral sign. Thus, traders should hold their position and wait for the price to show some significant deflection.

MACD is showing a slightly bearish signal as the gap between the lines is increasing and both of them are heading towards the negative region. MACD is showing no divergence from the price chart here. However, since MACD is a lagging indicator, there is no clear call based on this.

Day-Ahead and Tomorrow

According to fib numbers, the AVAX price is oscillating between $68.57 and $56.02. Fib numbers are indicating a resistance at $61.63 as well. Thus, the price trend has entered the box. Traders may hold their current positions and wait for the price to come out of the box.

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