AVAX – ALTCOIN CHART ANALYSIS

Avalanche (AVAX) is in a clear downtrend, having recently broken the uptrend very quickly and impulsively to the downside.

We are currently trading at around USD 19.20 and have therefore recovered slightly from our lows of around USD 17.50. However, this low was formed with a great deal of volume.

Unless we impulsively break the short-term downtrend on the 4H chart, expect to revisit the last low and start a fresh run higher from here.

Although we have formed a very low RSI on the daily chart, we should not assume that prices will rise immediately. As already described above, the floor was formed with a lot of volume.

At the top we have room to around USD 22.50 should we break the downtrend. This is where the monthly resistance for the month of September lies. We should expect a first counter-reaction here.

However, there is more to be gained in the coming weeks. Here it is particularly important to keep an eye on the area around USD 14. There we have a large support zone and monthly support S1. In the longer term, there is a higher chance that we will gradually move in this direction.

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