A bullish and bearish plan for AVAX investors who are determined to cut losses
Disclaimer: The findings of this analysis are the sole opinions of the writer and should not be considered investment advice
The basic motive behind investing in a coin is to earn profit. Buying the dip and selling at high happens to be the most favorable investing strategy in the crypto-sphere. But, as American billionaire investor Charlie Munger once said, “The big money is not in the buying or selling, but in the waiting.”
Perhaps that’s exactly what AVAX investors can do at present.
AVAX has made its way into the top-ten crypto positions in terms of market capitalization. While the token has registered losses post 17 February, the altcoin has been raising the bar for its competitors.
Avalanche’s speed, low fees, and EVM compatibility have made it a popular alternative to Ethereum. In fact, it has attracted a large number of users upset with the gas fees. Across 2021, the Avalanche network announced a number of upgrades and partnerships. The results were clearly seen in the price action.
Here, it should be noted, Binance and Coinbase started supporting withdrawals and deposits directly from and to the C-Chain. This made Avalanche very accessible to average crypto-holders. It has also given the network a huge advantage over EVM compatible smart contract cryptocurrencies which lack this support and require constant bridging.
These positive factors have been contributing a bullish narrative for the coin. However, its near-term price performance is worrisome.
AVAX has been trading within the range of $75.77 to $98.01 since the first week of February. The mid-range stood at $85.92. After the 14 February sell-off, the coin shot up to reach its month-long resistance at $98. However, it has been on a downtrend since. For the last
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