The Crypto market fluctuates where top currencies show mixed signals, where Avalanche (Avax) forms a noticeable technical structure. Avalanche has been traded within a parallel channel inligate since late March, where the price is currently $ 18.03, indicating a marginal profit of 5.61 % in the last trading session.
The graph indicates the low market structure that develops for a few weeks. With this setting, can Avalanche prepare for a large price movement in the coming days?
Delivery price analysis
On the graph for 4 hours, the direction of the breakdown price appears by phone. Since late March, the distinctive symbol has decreased from about $ 23.52 to the current levels of about $ 18.03.
This represents a decrease of about 21 % during the past month. During this declining direction, Avalanche formed a retardable parallel channel, with a series of lower altitudes and low decline. This style usually indicates the continuation of the current downward trend.
With the price test currently the minimum of the channel at $ 18.03, Avalanche is at a critical decision point.
The fastening parallel canal is clearly defined by the highest levels and low declines since late March. This artistic style contains a fixed price with respect for each of the borders during the last declining direction.
Fibonacci’s spread reveals the key levels at 0.236 at $ 19.10 and 0.382 at $ 19.95 as immediate resistance areas. The FIB level is 0.5 at 20.63 dollars a strong barrier that bulls need to overcome for recovery.
100 EMA emphasizes the declining bias with constant trading without the moving average.
The DMI index explains the -Di line above the Di +line, confirming the hybrid movement. However, the narrow gap between the lines indicates the weakening of the momentum down.
Avax price goals
The collapse above the upper boundaries of the channel can move towards the level of 0.382 of FIB at $ 19.95. This goal is the first great resistance behind the channel.
If you fail to obtain current support near $ 18.00, he may see a decrease in the collapse to the FIB level at $ 17.74.
Merchants must monitor size with any outbreak or collapse from the channel, because this would confirm the validity of this step and indicate the beginning of the new direction.
