The double head of an avalanche (Avax) should be fully prepared for the harm caused by the growing deviation among the main indicators on the daily curve.
The daily Avax chart shows the most typical bearish divergence between its price and the relative strength index (RSI). RSI has a momentum oscillator formed since January 11.
In other words, since the above date, the price of Avax has been in the lead. On the other hand, the daily RSI of the coin has been relatively low and high. Such deviations imply that the correct mechanical energy of the Avax/ dollar slows, which may cause a price reversal.
In addition, the decline in trading volume in the rising Avax also suggests the same bearish signs.
With the rising trend of Avax prices again in 2023, price-RSI and price-volume deviations occur. Notably, Avalanche shares have risen more than 100% so far this year to $22.50, thanks to improved adventure sentiment and information about signing up with Amazon platform.
On January 31st, Avalanche collaborated with Intain, a structured financial investment platform that operates its data sales market, IntainMARKETS, based on IntainMARKETS Subnet, giving more than $5.5 billion in assets for more than 25 transactions.
Avax's shares rose nearly 20 per cent after the announcement.
Avax prices have successfully closed above two key resistance levels: the several-month downward trend line (grayish black) in the rising phase and the 200-day index moving average (200-day moving average; Blue Wave).
Avalanche is now expected to rise by $22.75, making it its next overall target. $22.75 has been a resistance level since August 2022. This level is also the same as the overall goal of decline wedge promotion discussed in this study.
In other words, it is about 30% profitable at the current price level.
Conversely, driven by the bearish deviation from the indicator discussed on the wall, the adjustment from the resistance level is likely to lead the price of Avax to the 50-day average (red wave), which is about $15-16, down about 30% from the current price.
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