Will AVAX’s Current Trend Continue or Will a Breakout Occur?

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Will AVAX’s Current Trend Continue or Will a Breakout Occur?
  • Michaël van de Poppe recently shared his technical analysis for Avalanche (AVAX).
  • AVAX’s price has been in a steady decline since mid-August of this year.
  • Currently, AVAX is trading at $17.13 after a 3.51% drop.

The renowned cryptocurrency trader, Michaël van de Poppe, posted a technical analysis on Twitter yesterday for Avalanche (AVAX).

Daily chart for AVAX/BTC (Source: TradingView)

In the post, Poppe said, “If we’d like to see continuation on the markets here, I’d preferably want to see $AVAX hold at 9200 sats to create a HL.” He then concluded the tweet with “If that happens, we’ll most likely trigger longs and run towards 10500 sats.”

The price of AVAX is trading at $17.13 after dropping 3.51% over the last day according to the crypto market tracking website, CoinMarketCap. Nevertheless, the price of AVAX is still up by 1.34% for the week.

The recent price movement of AVAX has seen it achieve the number 26 spot on CoinMarketCap’s list of the biggest crypto projects by market cap. Its market cap now stands at $5,052,941,023. This ranks it one spot above Wrapped Bitcoin (WBTC) with its market cap of $4,593,883,574, and one spot below Tron (TRX) with its market cap of $5,462,709,419.

Daily chart for AVAX/USDT (Source: CoinMarketCap)

AVAX’s price movement has been relatively flat over the past 3 days when looking at its daily chart, with the price of AVAX being in a decline since mid-August of this year.

The Relative Strength Indicator (RSI) shows that AVAX is in oversold territory, and that the price of the coin may drop further since the RSI line is looking to cross below the RSI SMA line, signaling a continuation of the downwards trend. Should this happen, AVAX will enter into extreme oversold territory.

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