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Currently, Bitcoin is experiencing a significant level of $26,000, which holds great importance after failing to surpass the $31,500 level in July. The increasing fear index and the low volatility levels in the exchanges continue to concern both investors and analysts, as a potential rise in Bitcoin could heavily impact altcoins. In this article, we will analyze the graphs of AVAX and Chiliz.
AVAX Graph Analysis
The resistance encountered by the price at the daily EMA 200 average during the rise on July 17 is the first factor triggering the decline in AVAX. Due to the low volume and volatility levels in the market, no formation can be observed on the daily chart.
After the weekend drop, the daily EMA 21 level presents a significant obstacle as the price moves upward from the important support level of $10.01. For now, we can only determine the $10.01 level as the support for AVAX, which has not fallen below this level for 2 years. A possible decline scenario below this level could lead to significant losses. The resistance levels are $10.55, $11.08, $11.71, and $12.98, respectively. To achieve a potential mini rally, the resistance level that needs to be surpassed is the EMA 200 average of $15.35.
Chiliz Graph Analysis
Chiliz, which gained attention with its Layer-1 network, did not achieve the desired price performance. Despite attracting everyone’s attention with its rally during the bull season and being the fan token infrastructure provider for many world-renowned football clubs, Chiliz has not yet satisfied its investors.
The price, which accumulated between the levels of $0.0705 and $0.0837 for almost 3 months on the daily chart, broke downwards after recent developments, postponing the rally dream for another time. No formation can be observed on the graph, and the support levels are $0.0635 and $0.0584. The resistance levels are $0.0666, $0.0718, and $0.0837, respectively. To talk about a rally in terms of price, the daily EMA 200 level of $0.1042 needs to be surpassed.
