AVAX Technical Analysis: AVAX Fading Hope

AVAX, in the sixteenth place behind the leading cryptocurrency Bitcoin, fell again today as it could not close on the averages, as I mentioned yesterday. In my previous article, I mentioned that it is too early to say that the downtrend is broken unless we close above the averages. AVAX, which started the first trading day of March with purchases, unfortunately, has a seller day on the second trading day. This selling will accelerate if EMA100, the last support zone, is broken down. AVAX, which started the day at the $ 17.10 level yesterday, increased by 3.98% and closed at $ 17.77. Despite this rise, things are reversed today in AVAX, which closed under EMA5 and EMA21.

Avax, which started today at $17.76, is trading at $17.23 with a decrease of 3.04% at the time of writing.

Bitcoin Chart Analysis

AVAX Chart Analysis

Things are not going well in AVAX, which has lost almost 20% in value in the last ten days. On the first trading day of March, AVAX, which faced buying from the support zone EMA100, made an excellent closure but failed to take its place on the averages and went down again today. AVAX, which has retested the EMA100 support zone, may experience selling pressure when this zone is broken down. If selling pressure increases, our first support point will be the $16.05 level. In closings above $17.22, EMA100, $17.71, EMA5, and $17.84, EMA55 will be our first resistance points in the upward movement.

AVAX Technical Analysis: AVAX Fading Hope

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when deciding.

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David Moore

I am a writer/editor and aspiring author with a high level of editing, writing, communication, leadership and research skills. I possess the proven ability to copy edit, write, fact check, format, calculate and verify numbers/percentages, interview people, perform research, teach and produce something meaningful from scratch.

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