Avalanche, a high throughput smart contract blockchain platform is trading up in green amid the present selloff. The entire market is a sea of red as Bitcoin and the majority of altcoins suffered losses on the day. At the time of writing, AVAX was trading up 16% on the day and 32.54 % on a 7-day basis at $110. With a market capitalization of $27.44 billion as seen on coinmarketcap, Avalanche has flipped Terra’s LUNA to enter the top ten. The smart contract platform was ranked ninth largest as of press time. VanEck, a New York-based investment management firm, is expanding its crypto offerings with two new ETNs on Avalanche and Polygon. The Avalanche ETN will allow investors to gain exposure to the price of Avalanche (AVAX) without having to buy the asset directly.
Key Levels
Resistance Levels: $151.00, $130.00, $120.00
Support Levels: $93.78, $75.00, $57.24
AVAX/USD Daily ChartAVAX received a positive boost from the $76.10 support on Dec. 14 that thrust its price above the MA 50 at $95.84. The AVAX/USD pair is continuing its approach towards the $133 level, reaching highs of $118 today. Further backing the appreciation in price is the bullish crossover of the moving averages and a cup and handle pattern formation. The momentum indicators are confirming the recent bullish movement.
The RSI is jumping above the neutral threshold of 50. A successful attempt above today’s $118 high could take the AVAX/USD pair towards the $133 level before flirting with all-time highs of $151 handle, achieved in November. More increases could send the price into uncharted territories with $200 as the next target for bulls. On the downside, the MA 50 at $95.84 and the $74 level should act as support.
AVAX/USD 4-Hour ChartAVAX reversed back up again after finding support at the $75.54 support level. The AVAX/USD pair reached highs of $118 reflecting a buying interest. To the upside, immediate resistance may occur at the $118 high followed by the nearby swing high of $130.
Should buyers overrun these tough obstacles, the pair could jump to reach the present all-time highs at $151. Alternatively, a dive beneath the MA 200 at $103.82 could meet the MA 50 support at $90.16 ahead of the $74 support. Overall, AVAX/USD continues in the ascending tendency that began in August.
Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
