- Avalanche launched its mobile version of core wallet, Prices reacted positively and attempted to reclaim 50 day ema
- AVAX formed deep bullish candle with a higher volume, challenging to break weekly highs
Avalanche announced the release of its core wallet for the mobile devices which may attract new users and may also impact AVAX prices. In the previous 3 session prices is up by more 10% while in the current session prices is down by 1.02% with last 24h volume to market ratio stood at 0.0531
Higher time frame narrative
On a higher time frame, AVAX had created some wild upside swings in the past couple of months but was still unable to sustain the higher levels for a longer period of time.
After a steep fall in the first half of year, prices took support at $14.58 and showed signs of trend reversal, later it recovered almost 108% from the lows and faced resistance at $30. In the mid August RSI tested the overbought zone and it triggered selling pressure from the resistance levels and prices lost all the previous gains.
Recently, due to heat waves of FTX collapse, AVAX prices also got badly impacted and slipped below importance support zone of $14.58 and created a fresh yearly low at $11.42 As of now, prices are trading sideways and likely to face resistance in a 50 day ema (pink) at $14.26 and next hurdle will be falling trendline and swing high at $20.59
Smaller time frame narrative
On a smaller time frame, AVAX prices look stable and have been trading in the range between $11.42 to 14.58. Recently, from the lower range prices formed a strong bullish candle with a higher volume indicating price may see positive momentum. The supertrend indicator also generated a buy signal which is likely to continue in coming days. However, as of now bulls are struggling to break the higher range and if bulls succeed to trade above $14.58 we may see a relief rally in coming weeks.
Summary
Avalanche bulls had been strongly defending the recent lows and likely to continue to upside momentum. After analysing the prices with multiple indicators AVAX prices are mild bullish and aggressive traders must look for creating buying opportunities at lower levels for the target of $20 and above by keeping $10 as SL
Technical levels
Resistance levels : $20.59 and $30.68
Support levels : $11.42 and $10.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/12/15/avax-price-analysis-recent-development-derived-5-rally-in-avax-more-rally-possible/