The price of avalanches (AVAX) falls on Wednesday amid global risk aversion. There are many factors at play in the market, ranging from the US Federal Reserve and some of its key central banking counterparts, the geopolitical tensions between Russia and Ukraine, and crucial economic data in the European and US economies.
The Avalanche (AVAX) price posted its first gain on Wednesday. AVAX is gearing up for the next leg as it hits the $100 mark. The US dollar index gains over 97.0 amid risk aversion.
The recent developments are impacting the traditional financial market such as stocks, bonds and commodities, which is also impacting the global crypto market. The US Dollar Index (DXY) is strong above 97.0 with more than 1% gains.
At the time of writing, AVAX/USD is trading at $84.49, down nearly 3% for the day. The 24-hour trading volume of the 10th largest cryptocurrency by market cap stands at $1,746,230,038 and is down 30.78% so far.
AVAX looks for signs of bullish continuation
Source: Trade View
On the daily chart, Avalanche (AVAX) price is trading within the “symmetrical triangle” pattern. The price continued to be under pressure near the descending trendline of the triangle. However, AVAX is riding along the bullish line that marks the crucial demand zone, which stretches from $53.0 to $64.53.
A resurgence in buying pressures would further determine the breakout of the symmetrical triangle pattern. A daily candlestick above $90.0 will determine the upward direction base for the asset.
Next, market participants will keep their eyes on the psychological level of $100.0.
On the other hand, if the price breaks the session low, it will move towards the $72.0 which coincides with the rising trendline. Additionally, a sell order spike would penetrate below the trendline with a revisit to $64.53.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) stands at 51 above the average line.
MACD: The Moving Average Convergence Divergence (MACD) is sliding above the midline with a bullish bias. Any rise in the indicator will result in a continuation of the upward momentum.
Disclaimer
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
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This post Avalanche (AVAX) Price Prediction: AVAX targets $100 as Russia’s invasion of Ukraine clouds central banks with aggressive rate hikes
was published first on https://coingape.com/markets/avalanche-avax-price-prediction-avax-aims-for-100-as-russias-ukraine-invasion-clouds-central-banks-aggressive-rate-hike-bets/
