The cryptocurrency market continues to rise with the absence of feared geopolitical issues and positive news flow from Ripple. Altcoins are also following Bitcoin, which has reached its highest levels in the past three months. The formation formations seen on altcoin charts recently are a source of hope for many investors. In this content, we will examine the Avax and Chiliz charts.
Avax Chart Analysis
With the recent price increases, Avax investors have also made significant profits. Avax, which rose with the Stars Arena hype of the SocialFi protocol and then experienced a significant drop, continues its journey within the ascending channel formation with its recent bar formations. However, the descending channel formation on the daily chart should be our main focus.
The important support levels to watch for Avax are respectively; $9.54, $9.66, and $9.85. Especially, if a four-hour bar closes below the $9.85 level, which formed a double bottom after the recent price increase, it will cause the descending channel formation in the short term.
The resistance levels to watch for Avax are respectively; $10.28, $10.60, and $10.99. Especially, breaking the $10.28 level, which has not been overcome recently, will contribute to both an important resistance breakout and the acceleration of the rally.
Chiliz Chart Analysis
Chiliz, which is among the altcoin projects that have most disappointed their investors, has finally gained upward momentum and continues to rise steadily in recent days. The increase in market volume will cause important projects to appreciate over time. Lastly, although the ascending channel formation on the two-hour chart faces rejection from the resistance line, it is crucial for the structure not to be disrupted.
The noteworthy support levels for Chiliz are respectively; $0.06323, $0.06246, and $0.06177. Especially, if a bar closes below the $0.06177 level, it will disrupt the structure of the ascending channel formation and accelerate the decline.
The resistance levels to watch for Chiliz are respectively; $0.06409, $0.06469, and $0.06540. Especially, breaking the $0.06409 level, which has caused price consolidation recently, will enable Chiliz to gain momentum in its rally.
