Avalanche (AVAX) – In the process of upgrading its short-term outlook to bullishPosted on Thursday, June 23 2022 at 10:06 pm GMT+0000
Avalanche (AVAX) has been on the rise during the last couple of sessions, after molding a fresh foothold around the 40-period simple moving average and appears striving to make headways beyond the previously confirmed intraday top at 18.46.
Technical indicators are on the board with those intentions, as the ROC is currently rising in the positive territory, while the MACD has crossed above its signal line some distance above the zero mark. Additionally, the fresh bullish crossover of the 20-and 40-period simple moving averages is promoting further positive developments in the forthcoming sessions.
If buyers manage to generate sufficient traction and lift the price beyond Tuesday’s high of 18.46, they will jump immediately towards the Fibonacci golden number of the 18.46-15.97 bearish wave at 20.00. By overstepping that barricade, they will eye the 22.12-22.50 region linking the 4th of June low and the 261.8% Fibonacci level.
On the flip side, a drop below the 20-period simple moving average will trigger a fresh test of the 40-period simple moving average and the adjacent intraday low at 15.97. Any violation here will shift the spotlight straight to the 19th of June low at 13.72.
To summarize, Avalanche is in the process of upgrading its short-term outlook to bullish, with a rally above 18.46 confirming additional buying activities. However, a drop below 15.97 will shrug that bullish scenario and likely bring the broad downward trend back into play.