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Disclaimer: The findings of the next evaluation are the only opinions of the author and shouldn’t be thought of funding recommendation
Avalanche has been buying and selling inside a spread for probably the most half in 2022, however the AVAX shopping for exercise indicated the approaching weeks might see features.
On the identical time, every day buying and selling quantity has fallen closely up to now month, regardless that patrons appeared to have the higher hand. The Social Dominance metric noticed a slight spike as effectively. Now, the query is- What does this imply for the value?
AVAX- 12 Hour Chart
Supply: AVAX/USDT on TradingView
In orange is a spread that AVAX has traded inside since late January. This vary extends from $65.81 to $98.96, with the mid-point at $82.07. The Quantity Profile Seen Vary software confirmed the Worth Space Highs and Lows for a similar time interval to lie at $70.3 and $91.6 respectively, and the Level of Management at $86.
At press time, the value bounced from the Worth Space Lows, which was encouraging for the bulls. The $64-$70 space might be utilized by long-term buyers to dollar-cost-average into an AVAX lengthy place. On the identical time, the vary highs close to $96 can be utilized to promote the asset.
Rationale
Supply: AVAX/USDT on TradingView
The RSI has proven intervals of robust upward and downward traits through the time AVAX has been inside this vary, by staying above or beneath impartial 50 for prolonged intervals of time. The previous two weeks have been a downtrend in response to the RSI, because it slipped beneath and stayed beneath the impartial 50 line.
The CMF was at +0.03 and on the verge of exhibiting capital circulation into the market, opposite to the momentum indicators and the value motion. On the identical time, the OBV has additionally been forming larger lows
The Directional Motion Index had each the ADX (yellow) and the -DI (crimson) above the 20 mark and confirmed a powerful downtrend in progress.
Conclusion
The worth motion confirmed a downtrend in progress after a rejection at $100 and a drop beneath $91. Issues don’t seem like recovering, because the previous few days noticed the $73 degree fail and, on the time of writing, might be retested as resistance earlier than one other transfer downward.
The OBV alone confirmed that purchasing quantity outweighed the promoting quantity up to now few months, regardless of the value buying and selling inside a spread. Due to this fact, long-term buyers can use the confluence of the vary lows at $65.5 and the Worth Space Lows at $70 to dollar-cost-average into lengthy positions.
