AVAX is now quite close to its long-term support trendline (only around 10% higher).
When comparing to XRP which has been jumping about 80% since three weeks, AVAX's price action at this moment is quite similar to that of XRP at three week ago.
AVAX is likely to create a double bottom pattern with hidden bullish divergence. Volume indicators are good for a potential reversal: Increasing OBV, MFI and CMF signal a buy pressure while price is almost at the same level in mid June. In my opinion, AVAX may go down further to reach the lower trendline (i.e 8-10% loss from here) for liquidity grab and to confirm the (hidden) bullish divergence, before strongly reversing.
If we omit fundamental news backing XRP, AVAX may make some interesting moves the next weeks. Maybe AVAX will also need some good news to trigger a boom?
In any case, we have keep an eye on BTC and macro factors.
Here below is the view on XRP:
When comparing to XRP which has been jumping about 80% since three weeks, AVAX's price action at this moment is quite similar to that of XRP at three week ago.
AVAX is likely to create a double bottom pattern with hidden bullish divergence. Volume indicators are good for a potential reversal: Increasing OBV, MFI and CMF signal a buy pressure while price is almost at the same level in mid June. In my opinion, AVAX may go down further to reach the lower trendline (i.e 8-10% loss from here) for liquidity grab and to confirm the (hidden) bullish divergence, before strongly reversing.
If we omit fundamental news backing XRP, AVAX may make some interesting moves the next weeks. Maybe AVAX will also need some good news to trigger a boom?
In any case, we have keep an eye on BTC and macro factors.
Here below is the view on XRP:
Comment:
And this is a zoom on AVAX (with the same analysis as above)
