$AVAX woke up hard yesterday after the NYSE news. Avalanche was picked as the core ledger tech for clearing and settlement on the NYSE affiliated tokenized securities platform that is coming, pending regulatory approval.
Price ran from about 7.81 to just over 9.01 in a single day on Binance, and daily volume was around 54M USDT, several times what AVAX had been doing on a normal day lately.
Now the more interesting part, what the 4H chart looks like after the hype candle:
Price has already cooled off and sits around 8.47, giving back roughly half of the move.
It is now hovering right on the MA50 near 8.41, with MA20 below at about 8.29. MA20 just curled up, but MA50 has been sloping down since late October, so the bigger trend has not flipped yet.
The near support is the 8.45 area, with the 7.77 swing low below that as the level the whole rebound started from.
Overhead, 9.00 to 9.16 is the ceiling. That zone rejected price on Nov 4 and again yesterday.
RSI 14 cooled from the high 60s back to around 52. Volume on the follow up candles is fading but still well above the quiet early November levels.
Scenarios:
If buyers defend 8.45 and the MA50, another push at the 9.00 to 9.16 zone is on the table, and a clean 4H close above it would be the first real change in structure.
If 8.45 breaks, this starts to look like a news spike getting faded, and the 8.0 to 7.77 area comes back into view.
Not financial advice, DYOR.
Is the NYSE story enough to keep AVAX bid, or does it fade like most news pumps?
#AVAX #Avalanche #RWA #CryptoAnalysis
Price ran from about 7.81 to just over 9.01 in a single day on Binance, and daily volume was around 54M USDT, several times what AVAX had been doing on a normal day lately.
Now the more interesting part, what the 4H chart looks like after the hype candle:
Price has already cooled off and sits around 8.47, giving back roughly half of the move.
It is now hovering right on the MA50 near 8.41, with MA20 below at about 8.29. MA20 just curled up, but MA50 has been sloping down since late October, so the bigger trend has not flipped yet.
The near support is the 8.45 area, with the 7.77 swing low below that as the level the whole rebound started from.
Overhead, 9.00 to 9.16 is the ceiling. That zone rejected price on Nov 4 and again yesterday.
RSI 14 cooled from the high 60s back to around 52. Volume on the follow up candles is fading but still well above the quiet early November levels.
Scenarios:
If buyers defend 8.45 and the MA50, another push at the 9.00 to 9.16 zone is on the table, and a clean 4H close above it would be the first real change in structure.
If 8.45 breaks, this starts to look like a news spike getting faded, and the 8.0 to 7.77 area comes back into view.
Not financial advice, DYOR.
Is the NYSE story enough to keep AVAX bid, or does it fade like most news pumps?
#AVAX #Avalanche #RWA #CryptoAnalysis
