Avax | Avalanche Technical Analysis | Bullish Dominance | Cryptoknowmics

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We are here yet again to enlighten you with predictions from the Crypto community!!

And today we present to you a technical analysis video on the AVAX Token!

Avalanche is a layer one blockchain that functions as a platform for decentralized applications and custom blockchain networks.

The live Avalanche price today is $117 with a 24-hour trading volume of $2,246,839,668. Avalanche is up 9.01% in the last 24 hours, with a live market cap of $23,126,955,754.

The crypto witnessed a weekly change of 26.25%. On November 11, 2021, the opening trade took place at $85.38 and closed at $107.8. The week witnessed the ongoing uptrend.
Let’s have a deepened insight into the technical analysis of AVAX Token. Let’s see what the indicators have to say.

The uptrend, according to the price chart hasn’t yet stopped. This is resulting in increased risk in the market. The reason is that after a bull run a correction is expected to take place. Currently, AVAX is trading at $107.77, i.e 0.17% higher than the previous day’s close.

The RSI is currently at 74.37%. It has started to move in the overbought region, meaning the price is increasing and so is the bullish power in the market.

The OBV indicator indicates that the buying pressure is more than the selling pressure, thus, pressure on the price to increase can be felt at this point. Traders are advised to take a long position here.

The MACD line and the SLOW line are moving in the upward direction, increasing the distance gradually. Hence, the graph is showing a positive signal.

Thus, we can say that the indicators are in favor of the bulls, signaling traders to take a long position. Interestingly, both the long-term and the short-term predictions for AVAX are bullish. For the short term, the traders may keep their targets at $120. We cannot rule out the possibility of a trend reversal, and hence the traders may also place a stop loss at $89.63.

The Fib numbers show that the price has recently crossed the Fib level at $98.88. The next Fib level will be tested at $114.87.



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