Will Avalanche Ever Recover from Terra Luna Collapse? | AVAX Price Prediction

Hey guys what’s up it’s frank here from Altcoin buzz so bitcoin ethereum all the Altcoins pretty much have not yet fully Recovered we’ve seen minor minor Recoveries and avax of course is no Exception to that so we’re gonna have a Look at abex to see what’s going on here We’re seeing something very interesting On the monthly time frame which might Suggest that we have a bottom of course We’re going to go all the way down to The four hour time frame and give you The levels that you need to be watching So stick around until the end of the Video for me to give you these important Levels to be watching and of course we Will also go over avax btc and avax eth Just to again give you some perspective Give you the bigger picture of the avax Avalanche price market now for those of You who don’t know altquin buzz is first And foremost a crypto investment Research company and we have been Providing you numerous 100x returns Since 2007 So if you want to get in on that action Join our al quinn buzz access group Where we document up-to-date research Covering undervalued altcoin gems nft Minting opportunities and our portfolio Strategies so if you want to take part In the action click the link up above or Down in the comment section down below To take part in the action today also

Please don’t forget to like subscribe And click the notification bell button So that you don’t miss any future Updates and finally please note that None of this is financial advice [Music] So avax is currently in 14th place we’ve Seen minus six percent for the past week Not very much unlike a lot of the other Altcoins and in the past day also we are In the red we are in the red for most of The crypto market for the one hour 24 Hour and seven day time frames as it so Happens although we are seeing some Recovery for polka dot and bnb over the Past seven days i covered bnb in a past Video be sure to check that out but Today of course we are talking about Avax avalanche so let’s have a look well Before we go to the monthly chart of Avax over here to show you this Interesting indicator that i found let’s Just look at how avax compares to Bitcoin so when the avax btc Chart first launched here on binance was On first of july 2020 We can see that since then we’ve been More or less in an uptrend however we’ve Only seen just about 22 23 months of Data here so there’s not really enough Data to make a Important conclusion but there is some Reason to believe that we might find Support here this marked previous highs

On the candle closes of avax btc there Is some reason to believe that avax btc Might find support here avac’s eth Similarly we don’t have a lot of data on We it obviously outperformed ethereum Significantly uh from the 1st of july 2021 Until about the end of 2021 beginning 2022 so really not too much to say here Of course it’s a relatively new asset so Let’s now go do avex usdt So you might be worried seeing this Big move down here we’ve seen a move From the 147 Level almost all the way down to the 23.88 Level but what’s interesting is that if You look at the context look at this in The context of the previous move up you Can see that we’ve reached approximately The 887 level we’ve come just below it And the last time we had a monthly Upswing If we draw it from the low of the Previous monthly upswing of 3.08 dollars To the high of 60.19 we can see that where did we find Support the 887 right so that’s quite Interesting that shows that if we if History is to repeat itself which of Course there’s no confirmation that it Will that we might see support over here But if it does repeat itself even if it Happens the way it did before we will

Have at least another month At this or around this price level Before we move up tell me down in the Comments section below do you think that The 887 will prove to be support and That this is the all-time low for avax Or do you think the support will break Type hold if you think this is the Bottom and type break if you think that We will break below this support okay so As mentioned this is really a Hypothetical support right now in the Sense that we only have one factor Indicating that this is support this 887 And the fact that we did find support Here before because really in terms of Market structure you can see there’s Nothing else to indicate that this is a Support zone if the price had fallen to About 39.39 we could say okay there was Some previous market structure but Really there’s no obvious market Structure all the way down to about 18 We’ll see later where the next supports Are so we are really hoping that this Will hold support there is no confluence Is what we call it in technical analysis There’s no range of factors there’s not More than one reason to believe that we Will find support here but there is some Potential to find support here at this 23.51 Okay so on the weekly time frame we are Seeing a new record in terms of red

Weekly candles one two three four five Six and now potentially a seventh red Candle so this is unprecedented in terms Of a move down but again this chart is Not very old so It’s not uh unreasonable to see Unprecedented things in a chart which is As new as this Now in terms of the weekly rsi Interestingly enough we are at the Previous bottom rsi that we ever had 32.89 but again as mentioned this Doesn’t mean that this is a crucial Support this is just something Interesting to note and again another Potential reason for why this might be Near the bottom certainly six weeks in The red is even for a lot of other Altcoins is rather unusual so I do suspect that the bearish momentum Will be slowing down even if we have Another move down i don’t think it’ll be Nearly as explosive as the move that We’ve seen here okay coming down to the Daily time frame now we’re going to look At the resistance levels so the most Immediate resistance level is the Previous daily high at 38.2 dollars the Next resistance level is the previous Market support where we have found Support three times and that is the 52.47 Level and finally the weekly resistance Is at the 69.45

Level Now as you can see there’s a lot of Space between the current price and These resistances and similarly to the In terms of support there’s a lot of Space between the current price and the Support and that is why we are likely to See a lot of volatility in this market Since there’s no strong support or Resistance close to the current level That being said the closest support is The 23.59 Level i personally don’t think we will Go much below that in the short term If we do break that then really we’re Looking at the volume profile which Suggests that we might find support Around the 14.24 Level that’s the top of this yellow and Blue bar over here and if we really fail To find support there the next support Would be at the 9.33 level marking the Previous double bottom over here Now looking at the daily rsi it’s Interesting to note that we’ve never Seen this many days below the 30 line We’ve had Approximately six bars below the 30 line In a row and that is directly after Already having been below the 30 line Before that we have never even been Below the 30 line twice in a row like This so it does seem as though the Market is very overextended another

Interesting thing to note of course is This volume climax so when we see a Explosive volume like this in one Direction and the price is already Rather extended in other words the the Price was already moving down for Several weeks before this happened and Then on the 11th of may we saw this Extreme volume over here this often Marks the end of a move It’s like an exhaustion it’s like There’s a lot of Volume being traded here a lot of people Sold already and pretty much everyone Who wants to sell has probably already Sold most of what they wanted to sell at This volume Spike Okay so just finally looking down on the Four-hour time frame things are not Looking good here we have a bear flag Here With multiple touches at the top of this Triangle and multiple touches at the Bottom if we’re looking at candle closes And we’ve had a break down from this so Traditional technical analysis would Assume that we would see another new low From here and honestly we might it’s Just that the higher time frames are Suggesting that this market is Overextended to the downside so we are Somewhat unlikely to see too much more Downwards price action although it’s

Absolutely possible that we come and Approach the sort of 23 and possibly Even the 20 level i think the most Likely scenario is that we don’t break The 20 level i think that This is going to be more or less the low For now And although we will see a lot of Erratic price action over the coming Weeks i don’t think we will go anywhere Below the 20 level that’s just my Personal price prediction this of course Is not financial advice guys that’s been It from me for today if you like this Video be sure to check out the video on Bnb binance it is performing Exceptionally well compared to other Altcoins so it’s definitely one coin you Want to have on your radar so check that Out in the link up above and with that Being said guys I’ll see you in the next one [Music]