Avalanche AVAX Price Analysis|August 2022

BTC has been losing dominance over the past month and a half and is currently sitting around 39% dominance. This is a key level that was also found in April ’22, signaling that we have just had a mini alt-run.

If BTC dominance finds support here, altcoins can dump. Likewise, if support breaks and dominance declines to 2021 levels, alts will rip. A crucial decision point is coming.

AVAX has performed well over the last week, rising more than 16% and outperforming the market in general. However, it looks weak on the 4H, indecisive on the daily, and moderately oversold on the weekly. If Alt season continues, AVAX can move up and test higher resistance levels around $28. If AVAX fails to break the $26 level, however, it can retrace to support levels, first at $23 and then $20.

Let’s take a look at the charts in more detail and see if we can predict AVAX next move.