Hello, dear members of LeoFinance!
Today, I want to point out one interesting formation in the price chart of Avalanche.
In the daily chart (1D), AVAX/USD has been consolidating for the last two months. First, it formed a Descending triangle. After that, it exited the triangle but couldn't resume the uptrend and has formed some consolidation range:
Interestingly, the price chart has just converged with the 30-day Moving Average and 90-day Moving Average.
This is really very interesting situation. First, AVAX/USD has exited the triangle unsuccessfully - it was not able to resume the uptrend. Then, it has continued to move sideways. Now, the two key MAs are at the same level! Moving Average crossover? A beginning of trend reversal?
Hmm, that's going to be interesting. I will continue to keep an eye on the price chart of Avalanche. And, let me remind you that Avalanche is a very new cryptocurrency launched in the second half of 2020 with the main idea to challenge Ethereum.
Now, the price chart is at a crossroads. So, this means that either the price will able to resume the uptrend - proof that Avalanche is an ecosystem that will survive and find its place in the space of the smart-contracts cryptocurrencies; or the price will drop - an initial signal that Avalanche was just one of those hypes that is going to fade and its ecosystem is going to die.
To be continued ...
As of the time of writing, one Avalanche costs approximately $34,50 on the Binance crypto exchange, according to TradingView.
A few words about me:
Just to let you know: I've been working professionally as a currency analyst for last almost 15 years, and as a cryptocurrency analyst for last almost 4 years.
Important!
Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.
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