AVAX Technical Analysis: Growth Within Short Channel Against Formidable Sellers

The AVAX coin price grows within a short rising channel and approaches the supply-rich resistance level at $70. Will the rising greed surpass $70? Avalanche is described as an open, flexible smart contract platform that allows decentralized applications. AVAX can be used to pay for transaction fees and can be staked in order to protect the network. Avalanche works with Solidity, Ethereum’s programming language, and can be used to build customized blockchains that are public or private in the form of “subnets.” Let us move ahead to read about AVAX technical analysis. Past Performance of AVAX The AVAX coin price shows a growth of more than 30% within a rising channel in the past ten days. The channel initiates with the demand found near $50 resulting in a long-tail candle formation in the daily chart. However, the price jump struggles to sustain above the $70 mark. AVAX/USD Daily Chart AVAX Technical Analysis The AVAX coin price action hints at a possible lower high formation as the price retraces to retest the fallout of $70. Therefore, investors hoping a bull run must wait till the price sustains above $70. The crucial Exponential Moving averages maintain a temporary bullish alignment as the coin struggles to rise above the 200-day EMA. Moreover, the bearish crossover of the 50 and 100-day EMA increases the bearish attention. The MACD indicator shows an increase in distance between the MACD and signal lines after the bullish c...