Avalanche Price Analysis: Despite Touching $ 100, Some Worrying Signs for AVAX Bulls

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According to its website, Avalanche is the most eco-friendly and the fastest smart contract platform. It also claimed that it has the most validators seeking its proof of stake protocols. The platform is open-source and decentralised. The internal currency of the Avalanche platform is called AVAX. 

Over the last few weeks, the crypto market, in general, has been in a bull run. But this was especially true for the AVAX coin. AVAX reached a new all-time high of $99.99.  However, despite its rise, it looks like the sky still is not clear for the coin as experts are still predicting it will hinder aces to its path. 

The bias is that AVAX is like the majority if cry or currencies are in a bullish market. However, truth be told, if its support for snot found a strong foothold soon enough, this rise might end up in a short-term bearish.

Technical Indicators

Here are two indicators that further predict the uncertain future of the AVAX coin.

  1. Trading Volumes

The volume recorded was higher than the last leg however it is still lower than that in September.  A decreasing volume is often a possible sign of a weakening trend.

  1. RSI

If we look at trends closely, almost every higher high on price was followed by a lower high on the RSI, for the whole period of  August to November. Experts believe if this divergence plays out, then AVAX might enter a significant correction period. 

While today’s all-time high is a great reason to celebrate for AVAX investors, it is also true that the coin has seen better days. And this in itself is enough reason why people should be cautious about putting their hand on this currency. As after this crypto rally, AVAX might have to take a breather to break this all-time high of $100

 

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