AVAX Technical Analysis – September 2021
Monthly Analysis
Over the last 30 days, AVAX has increased by around 98%. This was marked with a price of $79.7. In the short run, AVAX might decrease, but its price could potentially go upwards again.
Weekly Analysis
In just the last 7 days, AVAX increased by more than 50%. Then, the price was followed by a decrease of 16%. Nonetheless, the price increased again by 15%. After encountering resistance, AVAX is looking to go down again in the coming days.
Daily Analysis
In the intraday chart, AVAX has been bearish. In the last hours, AVAX has been bearish. A descending wedge pattern has formed, indicating that the price could keep decreasing in the coming hours.
Key Structures
Support
- $61
Resistance
- $77.4
Indicators
Moving Average
The 20-day moving average is below the price, indicating that the price for AVAX is bullish. The MA line can act as support in the coming weeks
The 9-day EMA is close to the price, but it is still below and indicating bullish tendencies. The EMA line can support the price in the coming hours.
Relative Strength Index
The RSI of a daily chart is at around 60. This suggests that the momentum is bullish and that there is still space for growth. In a 4-hour chart, the RSI is lower and close to 50. This suggests neither bullish nor bearish tendencies.
MACD
The MACD line is above the signal line in a daily chart, indicating that the momentum is still bullish and that the price could increase in the longer term. As for the 4-hour chart, the MACD line has just intersected with the signal line and can now keep going down in the short term.
Fear & Greed
The current emotion for AVAX traders is greed, indicating strong bullish tendencies. Nonetheless, the recent dip is slowly turning it into fear.
Fibonacci
The Fibonacci retracement levels from the beginning of the uptrend suggest that the price could retrace to the 61.8% level in the coming days.
In the intraday chart, Fibonacci levels were respected as the price retraced to 78.6%. This indicates that the price might decrease in the coming hours.
Price Prediction AVAX – September 2021
Based on this technical analysis, we could see AVAX test support at $61. If support is broken, AVAX could go to $50 before attempting to rebound upwards again. The longer-term trend is bullish nonetheless.
Latest News for AVAX – Affecting Price
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Also read: Avalanche (AVAX) Price Prediction 2021 and Beyond – Will It Grow Even More?