Avalanche TA: AVAX is up big this year. Are holders gonna get snowed in or is this smart contract protocol about to snow its competitors?  Covered: Avalanche (AVAX) is in the top 10 for its market cap AVAX Charts (M,W,D) What to Anticipate From Here Avalanche (AVAX) is in the Top 10 Previously we covered […] The post Avalanche Is About To Snow The Competition appeared first on CryptosRus.

Avalanche Is About To Snow The Competition

Avalanche TA: AVAX is up big this year. Are holders gonna get snowed in or is this smart contract protocol about to snow its competitors? 

Covered:

  • Avalanche (AVAX) is in the top 10 for its market cap
  • AVAX Charts (M,W,D)
  • What to Anticipate From Here

Avalanche (AVAX) is in the Top 10

Previously we covered Terra (LUNA) who has been on a tear in 2021 with its market cap ranked at #9.

The next in line is Avalanche (AVAX) whose market cap is ranked #10 just behind Terra (LUNA). Avalanche (AVAX) is a high-speed smart contract contender whose initial coin offering that took place in 2020.

Both LUNA and AVAX had been eyeing their spot in the top 10 market dominance and now they they have theirs.

We will probably see more of an interesting display of solid altcoins projects on a race towards gaining a bigger market cap into 2022 as well.

RECOMMENDED: AVAX KEEPS DEFYING GRAVITY, BUT WHAT GOES UP MUST COME DOWN

AVAX: Monthly

Like many new cryptos, AVAX doesn’t have much data on the monthly chart.

However, it is interesting to point out its previous high of 79.5. As you can see in November, AVAX took off but only to come right back down with the crypto sell-off event in December.

This time, the previous high of 79.5 acted as a support. This happens quite often in all markets. What used to be resistance, once breached with momentum, turns into support.

Avalanche TA: Weekly

Weekly chart also doesn’t have much data but it gives us enough to draw out some good information.

Its moving averages are organized positively, showing a clear uptrend with its price riding the 8EMA (yellow) as support.

The average 20-week volume (white dot) has been steadily rising which suggests that it’s been attracting more buyers. However, the volume bars themselves have shrunk a bit the past few weeks.

The momentum oscillator shows that Fast Momentum (yellow) is very bullish and has crossed above Slow Momentum (red) and is about to enter the “Overbought zone”. Squeeze momentum is decreasing but still bullish.

Avalanche TA: Daily

The daily chart of AVAX shows that it’s currently at a resistance level which is 61.8% Fibonacci retracement level for those who are interested in it.

Moving averages were sloppy in the first half of December but trend structure repaired itself fast in the second half of December.

The momentum oscillator shows that Fast momentum (yellow) is in the bullish zone and trading above Slow momentum (red) which is also in the bullish zone. This looks good from the momentum perspective.

Squeeze indicator shows that low-compression squeeze (black) is firing, meaning a price  range expansion, and it is just beginning to print its first price expansion dot (green)

However it has gone up almost straight up for the second part of December and it’s in a  resistance zone (see chart).

All and all, it has strong momentum behind and it has been an outperformer this year. It won’t be a dull one to watch.

Key Technical Levels

  • Support Zone 2: 83.5 – 89.5
  • Support Zone 1: 106.9 – 110.5
  • Resistance Zone 1: 119.57-122.87 (It’s there now)
  • Resistance Zone 2: 141 – 146.7
  • Resistance Zone 3: 162.25 – 166
  • Resistance Zone 4: 215 – 223
  • Price Target 1: 141
  • Price Target 2: 152
  • Price Target 3: 162
  • Price Target 4: 190
  • Price Target 5: 215

RECOMMENDED: AVALANCHE OF NEW USERS RUSH TO AVAX – THIS IS WHAT’S BEHIND THE TOKEN’S GROWTH

The post Avalanche Is About To Snow The Competition appeared first on CryptosRus.