Sirwin
Sirwin

AVAX (Avalanche) - Technical Analysis (Daily) 21/02/21


Hello guys, today I am back with a new technical analysis on the Avalanche project. 

Avalanche is a project which has its own blockchain and which has applications in DeFi. In view of the recent BNB and BSC pump, it is a project that is becoming more and more interesting in my opinion. Indeed, the AVAX blockchain is a decentralized blockchain which allows operations to be carried out very quickly with little cost.

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We can see on the chart that AVAX had a first long period of accumulation between September and early January. Then we had an expansion from mid-January to February. A great expansion followed which brought us up to $ 60.

This excess of $ 60 brought us to a very, very high daily RSI level and the price therefore needed a small correction.

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For the moment it seems that the price is once again in a period of accumulation. For the moment, the Kijun works perfectly as a support at $ 35 and the wicks below it in a price zone between $ 31 and $ 35 are quickly redeemed.

In addition, this zone of 35 $ corresponds perfectly to the 0.5 of Fibonnacci of the last movement. It is a buying area that interests me particularly as a long-term investor on this project and with the DCA strategy that I apply to this token. If the Kijun were to let go we could come and visit lower price zones at the 0.618 and 0.786 Fibonnacci levels.

 

 

I wish you all a good week and hope you enjoyed this analysis.

Remember that this is not investment advice and that you are solely responsible for your investments and your trades.

 

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Lodhfiaz
Lodhfiaz

Crypto enthusiastic and PhD in Organic Chemistry


Lodhfiaz - Cryptocurrencies
Lodhfiaz - Cryptocurrencies

I write about cryptocurrencies and blockchain when I find out new interesting projects or when I learn new things about existing projects.

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