Resistance

Avalanche

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/avalanche-shows-signs-of-recovery-after-testing-support-level/" data-wpel-link="internal">Avalanche Shows Signs of Recovery After Testing Support Level</a> 
<a href="https://en.coin-turk.com/colony-lab-invests-10-million-in-avalanche-avax-ecosystem/" data-wpel-link="internal">Avalanche</a> (AVAX) recently retested the critical support level at $26.34 and is now showing signs of rising. Recent <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data reveals</a> that AVAX has climbed to $28.22, indicating a positive trend. This optimism is supported by increased development activities on the Avalanche network. So, what does this rise mean? 
<h2 style="text-align: justify" id="avalanche-faces-resistance-at-32-66">Avalanche Faces Resistance at $32.66</h2> 
Earlier this week, the cryptocurrency Avalanche faced resistance at $32.66, causing the <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">price</a> to drop to the support level of $26.34. However, this bounce from the support level resulted in a 2% increase, bringing AVAX to $27.95. If this support level holds, AVAX has the potential for a rally to retest the $32.66 level, which could result in a 24% increase. 
<img loading="lazy" loading="lazy" decoding="async" class="wp-image-374045 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/07/avax-usdt.png" alt="" width="1814" height="776"> 
Technical indicators provide promising signs for the continuation of this bullish scenario. The Relative Strength Index (RSI) briefly dipped below 50, and the Awesome Oscillator (AO) followed a similar pattern. For the upward momentum to continue, these indicators need to stay above their average levels. 
<img loading="lazy" loading="lazy" decoding="async" class="alignnone wp-image-374046 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/avax.png" alt="" width="1630" height="562"> 
Additionally, data from IntoTheBlock shows that approximately 147,960 addresses hold 1.24 million AVAX at an average price of $27.43. This data highlights the importance of the support zone between $26.99 and $27.78, which should be closely monitored. 
<img loading="lazy" loading="lazy" decoding="async" class="wp-image-374047 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/07/santiment-avax.png" alt="" width="3840" height="1300"> 
There are also positive signals in terms of development activities. Santiment’s Development Activity index increased from 179 on July 22 to 188 on July 25. This rise is considered a positive indicator for the health of the Avalanche network and supports the bullish outlook for AVAX. 
<h2 style="text-align: justify" id="risks-and-levels-to-watch">Risks and Levels to Watch</h2> 
Every rise carries a risk. If the price of the cryptocurrency AVAX falls below $21.99 at the daily candlestick close, the bullish thesis will be invalidated. This could indicate lower levels on the daily chart and pose an 11% downside risk, potentially heading towards the low of $19.47 on November 28, 2023. 
At this point, the cryptocurrency Avalanche (AVAX) is showing a promising rally after bouncing from a critical support level. Increasing on-chain development activities and technical indicators support this rise. A close below the $21.99 level could invalidate this bullish scenario. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/avalanche-shows-signs-of-recovery-after-testing-support-level/" data-wpel-link="internal">Avalanche Shows Signs of Recovery After Testing Support Level</a></h5>
The post <a href="https://en.coin-turk.com/avalanche-shows-signs-of-recovery-after-testing-support-level/" data-wpel-link="internal">Avalanche Shows Signs of Recovery After Testing Support Level</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Avalanche Shows Signs of Recovery After Testing Support Level

Table of Contents

COINTURK NEWS

Autres articles publiés le 26 juil. 2024

Bitcoin’s all-time high by August? Analyst makes bold projection

Japanese Cryptocurrency Exchange Acquired the Japanese Arm of Bankrupt FTX! Here are the Details

Grayscale Ethereum ETF sees over $1 billion in outflows since its debut

Bitcoin traders warn BTC price can still dip to $62K or ‘even lower’

Donald Trump Attracts Attention with Cryptocurrency Donations

Trump Speech Elevates Bitcoin Prices

Join our free newsletter for daily crypto updates!