AVAX Technical Analysis April 3, 2021

AVAX Technical Analysis : Avalanche blockchain is a platform for decentralized economics (DeFi) software, financial assets as well as decentralized transactions.

The purpose of this blockchain is to achieve a platform to enable the exchange of any type of asset in the blockchain environment.

The developers of Avalanche introduce it as the first smart contract platform with the ability to complete transactions in less than a second. AVAX is the internal currency of this network that is used for its internal payments.

There could be a total of 720 million AVAX units, of which about 380 million units are currently in the market cycle and are ranked 34th in the market with a value of about $ 4.1 billion.

The AVAX price chart in daily time is as follows:

During the daily time, Avax is in the correction phase within the ceiling of its long-term channel, and then after correcting to the midline of the channel and oscillating above it, another downward wave has begun, which is coming to an end.

This correction phase can be seen as a triangular pattern that is now completing its third wave. The convergence between the price chart and the Makdi indicator will indicate a tendency to maintain an uptrend, so we can hope for the confirmation of the triangle pattern.

In the RSI indicator, the upward resistance line is broken and if it is stabilized, it will be another sign of the possibility of pattern confirmation.

Until the upper side of the triangle breaks, it can not be guaranteed to break, but if the price breaks and stabilizes above the target triangle, it can be considered the return of the price to the channel ceiling.

Given that this range is an important resistance for the price, the possibility of failure and the desire to form another wave in the triangle pattern is not far from the mind. However, the failure of the upper side of the triangle and its confirmation will be a strong bullish signal for Avax.

AVAX Technical Analysis April 3, 2021