Meet again with me Wahyu Nahrul, This time I want to make a brief technical analysis of a cryptocurrency chart, the analysis I made is based on my experience and knowledge.

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Alright, let's get straight into the discussion, Happy reading!!

Avalanche (AVAX) Analysis

Today, January 09, 2024, I will try to technically analyze Avalanche's price movement.

SOURCE: TradingView

If we look at the price movement of AVAX in general, we can see that AVAX is in an intense bearish phase. We can see this in the AVAX price movement pattern in the chart above, where the candlestick tends to move downwards if we look closely.

SOURCE: TradingView

This is confirmed by the EMA Indicator with a Death Cross occurring between the 100 EMA and 200 EMA.

SOURCE: TradingView

But a different signal is shown by ADX where there is a new cross between DI+ and DI- which produces a Golden Cross, a positive sentiment.

SOURCE: TradingView

In addition, the RSI indicator shows that there is an oversold phase in the AVAX/USD market has been over, we can prove this by moving the RSI line away from the Lower Band which is the lower limit of the RSI indicator.

Disclaimer: