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

Indice dei contenuti

COINTURK NEWS

Altri articoli pubblicati su 26 lug 2024

Best Cheap Cryptocurrency Below $1 to Buy This Week For Quick Profits

BNP Paribas launches Slovenia’s 1st sovereign bond on Canton blockchain

Barack Obama officially endorses Kamala Harris for president

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

Will Notcoin Bounce Back For A 60% Breakout Rally Next Week?

Mantle Ecosystem Invests Strategically In UXLINK: Driving User Growth And Ecosystem Building

Iscriviti alla nostra newsletter gratuita per aggiornamenti giornalieri sulle criptovalute!