📉 AVAX/USDT Technical Analysis (4h Chart) 🔍
💡 Overall Trend: The asset is in a short-term downtrend, with the exponential moving averages (EMAs) aligned downwards and the price below the 200 EMA, which acts as the main resistance at $41.07.
📊 Technical Indicators:
RSI (14 periods): At 34.33, close to the oversold zone, suggesting that the asset may be extended in the downward movement.
Stochastic RSI: In the oversold zone, with a possibility of a bullish crossover, indicating a potential recovery in the short term.
📈 Fibonacci Levels:
Current support is at $36.98 (0.786 retracement), being a crucial point for the price.
If this support is lost, the next target is at $28.44 (1.618 extension).
Immediate resistances at $41.13 (Fibonacci 0.382) and $42.63 (Fibonacci 0.236).
🔎 Summary: Despite the selling pressure, the asset is close to oversold zones and an important support. Keep an eye out for reversal signs on the indicators before making decisions!
👉 What do you think? Let's discuss in the comments! 💬