Avalanche (AVAX) has displayed recovery on its chart. Over the last 24 hours, the altcoin brought home 4.8% gain. Although, there has been a considerable daily gain, AVAX is trading underneath its long-standing price floor. It is difficult for investors to look at just the daily gain as a good enough reason to buy the coin at the moment. Technical for the coin hasn’t suggested strong bullishness which might suggest that AVAX could be a good buy at the time of writing. Avalanche (AVAX) has lost 8% of its market value in the last week. This forced many investors to liquidate the asset and leave. Since, AVAX broke below its long term support area, this could act as an important red flag for the investors. The next solid area of support for AVAX was at $20. The coin traded around the current price level previously in the month of August, a year ago. Avalanche Price Analysis: One Day Chart Avalanche (AVAX) was exchanging hands at $31 at the time of writing. The altcoin has been laterally trading at that price mark for nearly a week now. It revisited this price mark last year, however, back then the coin was on an uptrend. Immediate resistance for the coin stood at $40 as established previously. A fall below the current price level could send AVAX near the $20 support mark. Failing to settle near the $20 mark could bring AVAX anywhere between the $12 and $9 support level. Technical Analysis The altcoin continues to depict weakness on its chart. The technical outlook seems bearish because buyers are nowhere to be seen in the market. As the coin revisited the August, last year’s price level, AVAX remained under the grasps of the sellers in the market. According to the Relative Strength Index, the indicator was bordering the oversold mark. Until and unless, RSI manages to move above the half-line, it is too early to call this price action a reversal. Going by the Directional Movement Index that reads the price direction, bears are in control. The -DI line was above the +DI mark signifying bearishness. The Average Directional Index line (red) was near the 50-mark, this reading meant that price action was strong with less signs of a reversal. Suggested Reading | Avalanche Crumbles More Than 16% As Crypto Landslide Continues On the one day chart, AVAX’s technical pointed towards a possible change in price direction at the time of writing. Moving Average Convergence Diverge aka MACD, displayed a green signal bar above the half-line. A green signal bar above the half-line might mean a buy signal, if continued buy signals are witnessed it may mean a change in price momentum. Parabolic SAR also depicted a dot beneath the price candles, this means a change in price direction. If more dots are seen beneath the candlesticks over the upcoming trading sessions then AVAX might stage a recovery on its chart. Suggested Reading | Cardano (ADA) Grapples At $0.524; Bullish Trajectory Coming
BTC price continues to encounter selling pressure, but a brief rally or the start of consolidation could lead to sharp gains in BNB, XMR, ETC and MANA.
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Cardano (ADA) prices show that the bulls are trying to overpower the market to diminish the bearish trend. ADA prices have been lingering steadily at $0.5, and a rejection strung at $0.628. More so, there has been a marked price decline of 7% in the market seen the previous days as the bearish trend takes over. The current market trading level is now at $0.524, which is pivotal as there seems to be a power struggle between the bulls and the bears. Suggested Reading | Avalanche Crumbles More Than 16% As Crypto Landslide Continues Support At $0.50; Bulls Try To Up Market Prices Support has been capped at $0.50, and the bulls are trying to get the prices to skyrocket. Meanwhile, the bears are not the type to throw in the towel as they are currently selling at steep prices. With these price movements, the market is perceived to see more volatility, especially since the bears and bulls are trying to outpace and outperform each other. Everyone should keep an eye on the critical level set at $0.5, wherein a break right below that trajectory would see prices plunging to as low as $0.45 levels. However, once it breaks above the price of $0.628, prices would go to as much as $0.70 levels. Cardano Power Struggle: Bulls Vs. Bears A 24-hour price analysis of Cardano (ADA) reveals a robust price battle as the bulls try to take over the market, which is being met by intense bearish pressure. These opposing forces can elicit volatile activity seen in the near term as the bulls and bears get friction to work. The trading volume seen in the ADA/USD pair is now set at $$398,204,651.10, with the total market capitalization at roughly $17.69 billion. The pair is currently at position 8 and overshadowing 1.41 of the other digital assets. Suggested Reading | Cosmos (ATOM) Skyrockets 12% Following Bitcoin And Ethereum Recovery ADA/USD Pair Can Perform Better This Week Moreover, the ADA/USD pair is seen to command and conquer with better-performing figures this week, considering the consolidation period at which the bulls are getting ready to dominate the market. The bulls and bears are trying to grip the rope tighter as they struggle to lead the market. The bulls are back once you see the prices at the $0.628 resistance level. The prices would need to find the proper grip or support, likely at the $0.5 level, to prevent further downturns. Featured image from Solodev, chart from TradingView.com
Bitcoin price is still struggling to hold onto support at $30,000 on high timeframes after smashing through it more than a week ago now. With buyers stepping in after the plunge, there is a chance for bulls to stop the downside with a bullish reversal candlestick setup. Learn more about the potential setup and find out if it’s “hammer time”. A Bullish Hammer Could Put A Stop To The Bear Market You wouldn’t necessarily know it by the ultra bearish sentiment or the recent plunge and resulting panic across the crypto market. But if you look at medium timeframe price charts, Bitcoin bulls could be preparing out a stop to the bleeding and stage a bullish hammer reversal. Related Reading | This Expanding Triangle Pattern Could Be The Last Hope For Bitcoin Bulls Japanese candlesticks are said to be developed by the so-called “God of Markets,” Honma Munehisa. Homna was a rice trader and wrote the first ever book in market psychology. Candlesticks are comprised of a body and shadow, often called a wick. They are typically depicted as red and green, or white and black (open and closed). Each candle includes information on the open, close, low, and high of the trading session it represents. How the candle opens, closes, and the highs and lows set during the session will shape the candle, and often provide information about what might be going on in the market — and what might come next. Could this hammer put a stop to bears? | Source: BTCUSD on TradingView.com The Technicals Supporting A Bitcoin Reversal Setup On BTCUSD weekly and 2-week timeframe charts, the top cryptocurrency is working on a bullish hammer. A bullish hammer is a characterized as having a long lower wick acting as the handle, a small upper body, and little to no upper shadow. Although the bullish signal only takes one candlestick to suggest a bottom is in, it is only confirmed with a strong follow through back to the upside. There are plenty of technicals supporting a reversal | Source: BTCUSD on TradingView.com Hammers are most effective when they follow a string of at least three down candles, and are supported by bullish technicals. The bullish hammer is happening at what could be the end of a wave 4 expanding triangle correction, according to Elliott Wave Principle. The MACD is retesting the zero line, much as it did during the wave 1 Black Thursday correction. Each bottom, also coincidentally touched the lower Bollinger Band before reversing to the upside. Related Reading | Bitcoin Bear Market Comparison Says It Is Almost Time For Bull Season Will this bullish hammer confirm, and stop the bloodbath from continuing? Here is a 🧵 on my full Elliott Wave analysis on #Bitcoin and why I don’t believe there is a bear market – and why I expect the last leg up any day now. — Tony "The Bull" Spilotro (@tonyspilotroBTC) May 15, 2022 Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
The recent crypto market crisis has not only hurt investors, but also notable entrepreneurs, erasing billions of dollars from their fortunes. Vitalik Buterin, co-founder of Ethereum, is one example. In 2014, the 28-year-old founded Ethereum, a leading cryptocurrency by market capitalization. Buterin revealed on social media on Friday that he is no longer a billionaire. […]
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A popular crypto analyst is digging into the charts to see what’s next for Bitcoin (BTC) as well as one enterprise-grade blockchain platform. In a new post, Michaël van de Poppe alerts his 602,500 Twitter followers that he’s eyeing $29,300 as a key make-or-break indicator for Bitcoin. “Still watching the level at $29,300 for Bitcoin. […]
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