Brief Analysis——AVAXBTC suddenly pumped during the pullback yesterday, with the price approaching 38000 again. While there is no update on the BTC ETF, our research department noticed an increase in the total number of stablecoins in the market yesterday. FOMO interrupts the pullback.
Previously we wrote a brief analysis of SOL and gave a bullish conclusion. SOL was at 30 at that time. It turns out that SOL performed better than most tokens on the market after that. Today we will focus on AVAX. Avalanche, Matic, and Solana have all been cited as Ethereum killers. Even now when L2 is booming, it still occupies a certain market share. In the crypto market, there has sector rotation, and we believe that chain tokens such as AVAX will succeed SOL.
After Coinbase announced the launch of the AVAX perpetual, AVAX began to accelerate, with long green candles accompanied by obvious trading volume. AVAX has updated the year's high. The next resistance level will be at 29. Judging from the strength of this week's rise, bulls take control.
On the MBF indicator, we can see that from September to October, there was frequent dip buying sentiment on AVAX. The wavy area on the ME indicator has switched from yellow to purple. On the WTA indicator, although destructive candles and the blue column representing whales appeared at the same time (shown as the black dotted line), which was a signal of bullish periodic termination, but AVAX quickly repaired the problem in the following days.
At the 4h level we can see it more clearly. We distinguish AVAX's recent rise and fall with two green areas and one red area. Obviously, at the position indicated by the red arrow, the red candle completely covered the previous green candle, the blue whale also disappeared, and the bullish trend was temporarily ended. After a few hours of correction, a second green zone appears, in which the whales are back again. The two green areas are independent of each other and AVAX are now in a healthy state.
To sum up, AVAX is currently in a healthy upward process at both the daily and 4h levels.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
