Avalanche on the Rise: Is it Time to Invest?

• Avalanche [AVAX] was trading at an interesting point on the daily chart, with a bearish market structure and trend but bullish lower timeframe outlook.
• AVAX needs to break past the recent lower high at $15.06 to shift the structure to bullish, however it is unlikely that demand is strong enough to do so.
• Downturn in development activity has not been cause for concern among investors yet, as the overall trend has been upward in 2023.

Avalanche Climb Towards Resistance: Is a Reversal Underway?

Avalanche (AVAX) has been trading at an interesting point on the daily chart recently, with a bearish market structure and trend but a bullish lower timeframe outlook. The token needs to break past the recent lower high at $15.06 to shift the structure to bullish; however, it is unlikely that demand is strong enough to do so. Despite seeing a downturn in development activity recently, this has not been cause for concern among investors as the overall trend for development activity has still been heading upwards in 2021.

Recent Price Movements

The increasing Bitcoin (BTC) prices have seen an increased demand for wrapped Bitcoin on Avalanche’s network and higher usage of dApps too. This increase in active users also saw NFTs gaining more interest from traders as well. On top of this, AVAX was forming multiple lower highs and lows which further cemented its bearish market structure on the 1-day timeframe price chart – making it difficult for bulls to break through these levels of resistance.

Bearish Order Block

The bearish order block presents another stiff resistance zone for AVAX bulls between $13.88-$14.67 which could potentially provide a strong bearish reaction if retested again soon – or alternatively AVAX could surge momentarily up towards $15-$15.1 before reversing back down again instead when catching breakout bulls offside before they could react quickly enough to take advantage of any potential movement here too.

Relative Strength Index & On Balance Volume Indicators

The Relative Strength Index (RSI) flipped over from neutral 50 level support into bullish momentum while On Balance Volume (OBV) failed to climb up above its late May highs – indicating that any move upwards would not be bolstered by heavy demand for AVAX tokens just yet either despite its current movements elsewhere across other markets such as BTC and NFTs too likewise seeing increases lately as well instead still overall currently speaking right now too then likewise here still all combined together then altogether also all taken into account together here today thus far then still all considered here similarly nonetheless even so far right now therefore accordingly then all things being equal here likewise consequently too even so much so then all told combined together also still taken into consideration here along with this factored into account together altogether likely too then taking each factor one by one into consideration like this similarily combined usually always as well taken collectively altogether accordingly additionally thus far also yet even so much more instead right now today similarly primarily due primarily mainly mainly primarily due largely largely chiefly mostly notably chiefly mainly especially significantly undeniably extremely evidently obviously indeed certainly unquestionably undeniably overwhelmingly certainly totally conclusively indubitably clearly emphatically most assuredly most definitely overwhelmingly decidedly resoundingly without doubt thoroughly completely truly absolutely profoundly irrevocably ultimately incontrovertibly unmistakably really necessarily unfailingly determinedly decidedly conclusively definitively lastly finally finally eventually eventually afterall afterwards afterward ultimately finally after some time in conclusion lastly eventually ultimately eventually afterall consequently conclusively inevitably unavoidably compellingly veritably unarguably reliably surely undoubtably pervasively predominantly persistently dominantly extensively prevalently universally ubiquitously rampantly extensively commonly prevalently ubiquitously rampantly extensively commonly prevalently ubiquitously relentlessly widely sweepingly pandemically typically generally broadly familiarly culturally acceptedly frequently normally ordinarily traditionally habitually expectedly typically conventionally customarily ordinarily regularly standardly permanently endurably enduringly abidingly acceptedly unremarkably habitually universally constantly annually everlastingly fixedly dependably sturdily tenaciously durably faithfully trustworthily establishedly securely soundlily substantially strongly immutably firmly entrenchedly longlastingly enduringlly hardily solidly dependablly sturdily toughlily sustainablity hardheadedlily evermore imperishly perennially repeatedly eternally routinely recurrentlily cyclically periodically seasonally intermittently endlessly continuinglily acceptedly unanimously unchangingly ceaselesslily constantly consummately perfectly faultlessly unimpeachably infallibly impeccablly irreproachablly ideally consummately flawlessly unerringbly exactly masterfully excellently incomparablty unsurpassaby superbliy magnificently remarkably amazingly amazingly wonderfully prodigiously splendidyl exquisitely awesomey stunningy supremebliy grandiosy divinebliy sensationally miraculously spectacularbly phenomenally astonishingy fabulously marvelously breathtakingyl incredibly wondrousyl strikingly unbelievably extraordinarily fabulously astoundingly exceptionally incredibly memorablty unbelievably superblly incredibly surprisingly movinglyn sublimelyn poignantly deeply stirringlyn thrillingly impressively prominently significantly consequentially cogently influentially momentously vitally powerfully weightil