By Shelly Melancon (Switzerland)
While Avalanche has re-attained its $11.55 horizontal support levels, it continues to trades within a descending wedge as it has been doing for some time. But this region also represents a short-term parallel ascent. Its next direction will depend on whether it breaks out or gets rejected from these parallel levels.
AVAX Movement
After reaching a peak price of $60.50 on February 10, AVAX has continued to spiral downwards. Its decline was gradual before it accelerated on May 7, 2021. Two months ago, it bounced at the wedge’s support levels after reaching a $9.35 low. But it quickly reclaimed the $11.34 horizontal support levels.
The 24-hour timeframe for the technical indicators is bullish. The relative strength index is over 50, and there is a bullish cross on the stochastic oscillator. Furthermore, the moving average convergence divergence (MACD) keeps rising steadily, and it’s about to be positive. The $23-$25 levels represent the wedge’s support. But the $39 level will be its next support if it can breakout the previous support levels.
AVAX/USDT chart. Source: TradingView
Possible Directions
Top crypto trade analyst with the username @damskotrades on Twitter confirmed that AVAX would likely breakout. He, however, noted that the AVAX chart patterns are indicative of corrective movements.
Technical indicators are growing bearish despite AVAX trading in the upper regions of the channel. If AVAX breaks out from this channel, its next move will be to reclaim the resistance line on the long-term wedge, which might trigger a breakout. But, if it cannot break out, it is likely to settle for its next support, as previously indicated.
AVAX chart showing wedge. Source: TradingView
The AVAX/BTC chart indicates that AVAX is trading within the 33,000 Satoshi horizontal support. The bullishness indicated by the technical indicators shows that a bounce might be on the cards. If the bounce happens, 52,500 Satoshis would be its nearest resistance. This coincides with the 0.383 Fibonacci retracement level.
Philipp Plein To Start Accepting Cryptocurrencies
German-based flamboyant fashion company, Philipp Plein has announced that it would start accepting cryptocurrency payments, including Bitcoin. An apparent effort at attracting the flamboyant-loving crypto crowd.
Those who won’t mind buying a pair of sneakers for almost $7,000 can now indulge in their excesses by paying with cryptocurrency. Coinfy, a virtual asset firm that was in the news recently following its acquisition of voyager digital (a crypto broker), will facilitate these crypto payments.
However, the company emphasized that anyone who orders over 10,000 Euros worth of items will be mandated to fill in a Know-your-customer request form. The owner of the fashion house, Philipp Plein, shared the news with his over 2 million Instagram followers, tagging himself the “crypto king.” he also claimed that he is convinced that crypto holds the future of world finance.
Despite his show off which often attracts criticism in the fashion world, his luxury fashion company has been an enormous success. He has celebrities (such as Floyd Mayweather and Paris Hilton) as part of his clientele.
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