AVAX – ALTCOIN CHART ANALYSIS

AVAX has recently shown a significant move higher and has been able to recover from its lows. The whole altcoin market is currently experiencing a small but steep altcoin season.

We are currently trading around $21 and are now entering the first resistance area. Directly above us is the 200 SMA (last 200 moving averages/purple) on the 4H chart and the first major resistance zone.

In this we could experience a first small trend reversal to let the indicators such as the RSI cool down. First correction level would be around USD 18 where we could stabilize.

On the daily chart we see once again that AVAX perfectly hit our green buy zone and bounced from there. This is mainly because the pump was filled from back then.

Liquidity has thus arisen in this area, which is very important for the further course. Now we are right in the Daily-EMA Ribbons, which represent a huge resistance.

Now that we are already overbought on the smaller time frames and now the daily EMAs are in the way, the chance for a short-term correction increases enormously. This would be a healthy correction.

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