CRYPTO NEWS

Avalanche remains above the breakout zone, but where are the buyers?

  • Avalanche broke past a key resistance but has since stalled
  • AVAX lacks a directional bias amid the 50-day MA joining a support
  • The token could slide to the resistance-turned-support at $20

Avalanche AVAX/USD trades at $23.3 as of press time. The price is well above the key breakout zone of $20, which has now become support. However, for over two weeks, Avalanche has maintained above $20. Is it a clear lack of buyers, or is the cryptocurrency gathering momentum to go higher?

A brief overview of Avalanche shows that previous movements have been driven by momentum. That is particularly as the token became attractive at the $15 bottom since the Luna-inspired crash. Most of the surge in AVAX has also been due to improving crypto sentiment. At the current level, AVAX needs further triggers to go higher.

AVAX at $41? A week ago, crypto analyst Michaël van de Poppe said that Avalanche could rise to $41. The analyst, who has about 619,600 Twitter followers, says AVAX’s close 50-day MA close is a bull trigger. While we can’t agree or disagree with the prediction, we need to look at the daily chart for an assessment.

AVAX holds above $20 despite a sluggish bullish push

Source – TradingView

On the daily chart, AVAX holds strongly above the $20 support. The 50-day moving average joined the support in mid-July for the first time since April. The cryptocurrency has retested the MA while keeping the support intact.

On the contrary, the MACD indicator shows a falling bullish momentum. Nonetheless, we still see a lack of a directional bias for AVAX rather than a bearish move. $20 is the level to watch or at the intersection with the 50-day MA.

Concluding thoughts

AVAX lacks a directional bias. The 50-day MA joined the support recently. As long as AVAX continues to hold the $20 level, it has a chance to hit higher levels. The next targets are $27 and $37.

The post Avalanche remains above the breakout zone, but where are the buyers? appeared first on CoinJournal.

Can we achieve statistical Completeness, Soundness and Zero Knowledge in an Interactive Proof?

The question is mainly stated in the title, sorry for it being a bit small of a question. I was reading about ZK proofs and I was wondering what do we know about their limits only their properties. Do we have any impossibility theorems or any assumptions that we strongly believe that hold? Thanks in::Listen

The question is mainly stated in the title, sorry for it being a bit small of a question. I was reading about ZK proofs and I was wondering what do we know about their limits only their properties. Do we have any impossibility theorems or any assumptions that we strongly believe that hold? Thanks in advance for your time.

Avalanche remains above the breakout zone, but where are the buyers?

Shopping cart
There are no products in the cart!
Continue shopping
0