bullish

Toncoin

Chainlink

Avalanche

View

The native cryptocurrency of the Avalanche blockchain is currently trading at a critical juncture amid trader indecision, as downward forces threaten to trigger a bearish close to July.&nbsp;
Avalanche (<a href="https://crypto.news/price/avalanche/" target="_blank" rel="noopener noreferrer nofollow">AVAX</a>) is currently trading at a decisive juncture, changing hands at $26.99, down more than 6% over the past 24-hours and over 11% this week.&nbsp;
AVAX has been experiencing significant price volatility over the past four months, with notable trends evident in both the daily and weekly charts. On the daily chart, we can see a pronounced correction from the asset’s peak near $65.39 in March 2024.&nbsp;
<figure class="wp-block-image size-full"><picture fetchpriority="high" decoding="async" class="wp-image-14288155">
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/07/Avalanche-Daily-Chart.png.webp">
 <img fetchpriority="high" decoding="async" width="1723" height="686" src="https://crypto.news/app/uploads/2024/07/Avalanche-Daily-Chart.png" alt="AVAX price at a decisive juncture, threatening bearish July close - 1"> 
 </picture>
 <figcaption class="wp-element-caption">
 AVAX daily chart, Feb. – July 2024 | Source: <a href="https://www.tradingview.com/" target="_blank" rel="noopener noreferrer nofollow">Trading View</a>
 </figcaption>
</figure>
This peak was followed by a steep decline, reaching a low of $21.8 in April. Before the collapse to this mark, AVAX bulls mounted robust defense a few days into the end of March. This defense <a href="https://crypto.news/avalanche-eyes-70-price-rally-after-banking-collaboration-with-chainlink/" target="_blank" rel="noopener noreferrer nofollow">came</a> on the back of increased adoption news for Avalanche after the project announced participation in a partnership between a banking group and Chainlink Labs.
The drop below the $22 mark <a href="https://crypto.news/toncoin-enters-top-10-crypto-by-market-capitalization-overtakes-avalanche/" target="_blank" rel="noopener noreferrer nofollow">pushed</a> AVAX below Toncoin (<a href="https://crypto.news/price/toncoin/" target="_blank" rel="noopener noreferrer nofollow">TON</a>) on the list of largest assets and created a critical support level, as the price found some stability and began a mild recovery. Moreover, the Bollinger Bands indicate periods of consolidation, particularly between $29.24 and $41.80, suggesting a range-bound market during this phase.
Notably, the recent movement has shown AVAX hovering around the $27 mark, with a slight rebound noted from the June low. However, the price remains below key Fibonacci retracement levels, particularly the 0.236 level at $32.03.&nbsp;
This resistance level, combined with the proximity to the lower Bollinger Band, suggests cautious trading sentiment. The Klinger Oscillator indicates mixed signals. A stronger positive divergence would be required to confirm a more sustained bullish reversal.
You might also like: <a href="https://crypto.news/bitcoin-dips-below-67k-as-us-moves-seized-btc/" rel="noopener noreferrer nofollow"> Bitcoin dips below $67k as US moves seized BTC </a>
<h2 class="wp-block-heading" id="avax-forms-symmetrical-triangle-on-weekly-chart">AVAX forms symmetrical triangle on weekly chart</h2>
Meanwhile, on the weekly chart, Avalanche has witnessed the formation of a long-term symmetrical triangle. This pattern usually indicates a potential breakout direction. The resistance line, sloping downward from the March high, intersects with a rising support line from the historical lows of around $8.72 in September 2023.&nbsp;
<figure class="wp-block-image size-full"><picture decoding="async" class="wp-image-14288156">
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/07/Avalanche-Weekly-Chart.png.webp">
 <img decoding="async" width="1721" height="683" src="https://crypto.news/app/uploads/2024/07/Avalanche-Weekly-Chart.png" alt="AVAX price at a decisive juncture, threatening bearish July close - 2"> 
 </picture>
 <figcaption class="wp-element-caption">
 AVAX weekly chart, 2021-2024 | Source: <a href="https://www.tradingview.com/" target="_blank" rel="noopener noreferrer nofollow">Trading View</a>
 </figcaption>
</figure>
The current price position near the apex of this triangle suggests an imminent breakout, though the direction remains uncertain. AVAX is also witnessing decreasing volume, indicating a period of market indecision. Meanwhile, Avalanche’s native cyptocurrency is on the verge of closing July with a 7% drop.
However, the reduction in volume often precedes a significant price movement as traders await confirmation of the breakout direction. The critical levels to watch would be the local high of $41.8 for a bullish breakout and the support zone near $21.80 for a bearish breakdown.
<a href="https://app.intotheblock.com/coin/AVAX/deep-dive?group=financials&amp;chart=bullsAndBears" target="_blank" rel="noopener noreferrer nofollow">Data</a> from IntoTheBlock on the volume of large buys and sells confirms the indecision in the market. Notably, bulls have purchased 25.82 million AVAX over the past week, while bears have sold 25.64 million tokens during this period.
A break above the $40 mark could signal a bullish continuation, potentially targeting $55.85, which aligns with the 78.6% Fibonacci level. Conversely, a drop below the $21.80 support could trigger further declines, possibly revisiting previous lows.
Read more: <a href="https://crypto.news/us-govt-moves-2b-worth-of-bitcoin-after-trumps-no-sell-speech/" rel="noopener noreferrer nofollow"> US govt moves $2b worth of Bitcoin after Trump’s ‘no sell’ speech </a>

AVAX price at a decisive juncture, threatening bearish July close

Tabla de contenidos

crypto.news

Otros artículos publicados el 30 jul 2024

SUI Erupts Past $2 Billion Market Cap; Next in Line are DTX Exchange (DTX) and Notcoin (NOT)

Bitcoin Tumbles Below $67K As US Government Moves $2B Silk Road Tokens Despite ”Never Sell” Donal...

This is why, Bitcoin tumbles below $67,000

Solana Overtakes Ethereum in Transaction Fees After Beating BNB in Market Cap

Standard Chartered-backed Zodia Custody adds support for Deribit

Solana's Solend Rebrands to Save and Launches Dumpy.fun for Shorting Memecoins

¡Únete a nuestro boletín gratuito para recibir actualizaciones diarias de criptografía!