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Avalanche (AVAX) Bounces at Important Horizontal Support: Multi Coin Analysis

Avalanche (AVAX) Bounces at Important Horizontal Support: Multi Coin Analysis
Written by publisher team

BeInCrypto takes a look at the price action of seven different cryptocurrencies, including Fantom (FTM), which is very close to hitting a new all-time high.

BTC

BTC has been falling inside a descending parallel channel since Dec 27. The downward movement led to a drop of $39,650 on January 10th.

The bullish move that followed caused the recovery of the lows of the 4th of December (red line).

Currently, Bitcoin is trading at the channel resistance line. A possible breakout could lead to the $45,900 resistance area, which is also the 0.5 Fibonacci retracement resistance level.

Chart by TradingView

ETH

On November 30, ETH broke out of a descending resistance line and a possible symmetrical triangle (green icon). The upward movement led to a high of 0.088 on Dec 9th.

However, the token has since declined, failing to hold above the previous resistance line, and breaking below it (the red symbol) on January 7.

The nearest support area is at ₿0.071. If ETH fails to rebound at this level, it could drop all the way to the ascending support line at ₿0.063.

Chart by TradingView

XRP

On December 18, XRP broke out of the descending resistance line. However, it failed to initiate a significant upward movement.

It is currently trading above the 1,750 Satoshi support area, which has been in place since April. A crash below can significantly speed up the rate of decline.

On the contrary, the closest resistance area is 2,800 satoshi.

Chart by TradingView

fax

The price of AVAX has fallen since November 21, when it reached an all-time high of $147. The coin was following a descending resistance line and reached a low of $75.5, which it did on December 13th.

Whether the coin breaks through this resistance line or drops below the $80 horizontal support area, it is likely to determine the direction of the trend.

Chart by TradingView

FTT

The FTT has fallen along with its descending resistance line since September 9th. The drop led to a low of $33.8 on Jan. 8. While this caused a crash below the December lows (red line), they were rebounded shortly thereafter. Additionally, the rebound occurred above the 0.786 Fib retracement support level at $35.25.

A break above the descending resistance line will confirm that the correction is over.

Chart by TradingView

Link

LINK has been trading within a bullish parallel channel since July 20th. On November 10, it was rejected by the channel’s resistance line (9red icon) and quickly declined. This led to a drop of $15.32 on Dec 4. The next bounce validated the channel’s support line (the green symbol).

Currently, LINK is trading in the middle of the channel (green circle). Whether it is restored or rejected, it is likely to determine the direction of the future trend.

Chart by TradingView

FTME

On December 26, the FTM broke out of the descending resistance line that had previously been in place since October 26. It continued to reach a high of $3.15 on January 15th.

After a short drop, the FTM started another upward movement. On January 12, it reclaimed the $2.65 area, which is expected to act as a support.

As long as the FTM is trading above this level, the trend can be considered bullish.

Chart by TradingView

For the latest Bitcoin (BTC) analysis from BeInCrypto, click here.

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