The AVAX coin displays a steady uptrend in the technical chart making a new all-time high at the $417.3 mark. This coin showed a minor pullback yesterday and now eyes to breach this new resistance too.
The ADA coin is currently in a short-term downtrend that is steadily falling to the lower levels of this chart. However, it seems the coin aims to drop more than the expectation of long traders as its price has recently given a breakdown from the crucial support of $1.9.
AVAX/USD Chart In The 4-hour Time Frame
Source- AVAX/USD chart by Tradingview
As mentioned in my previous article on AVAX/USD, the coin price resonated in a rising channel pattern in the 4-hour time frame chart. Furthermore, with the increasing bullish momentum in this coin, the price gave a bullish breakout from this pattern, providing an excellent opportunity for crypto traders.
The coin continued to rally stronger and surged 27% before giving a decent pullback. Today, the token is up by 11% and aims to breach the new All-Time High of $146.2.
The 50-day EMA is providing strong support to AVAX price. Moreover, the Relative Strength Index value at 70 confirms a bullish sentiment for this coin.
ADA/USD Chart In The Daily Time Frame
Source- ADA/USD chart by Tradingview
Referring to my previous article on Cardano, I have clearly explained the importance of $1.9 due to the confluence of the few crucial technical levels. On November 16th, the coin price breached this critical support level, triggering an excellent sell opportunity for crypto traders.
However, it is highly suggested that these traders strictly follow their risk management, as the chart also displays a hidden bullish divergence in RSI and a few lower price rejection candles below the broken support, indicating the presence of demand pressure.
If the price could sustain below $1.9, the coin has a high possibility of dropping to the $1.5 mark.
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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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