Coinbase Lists A New Altcoin! “Price Rocked” - News-Credit-Mortgage-Coin


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Wednesday, September 29, 2021

Coinbase Lists A New Altcoin! “Price Rocked”


Coinbase Pro is preparing to make Avalanche's AVAX token available for trading. AVAX, the native token of altcoin project Avalanche, will soon be available to a wider audience thanks to the Coinbase Pro listing.

Coinbase Pro will list AVAX

Avalanche goes to Coinbase Pro. In a blog post, the leading cryptocurrency exchange announced that it has enabled inbound AVAX transfers. The firm confirmed that Avalanche will list its native token on September 30, provided that “liquidity conditions are met.” The AVAX-USD, AVAX-USDT and AVAX-EUR order books are set to start in three phases: post only, limit only, and full trade. The exchange stressed that it reserves the right to suspend trading if at any point new order books do not meet its assessment for a healthy and orderly market.

Despite the importance of the news, AVAX has yet to take advantage of the “Coinbase Effect,” a phenomenon in which token prices soar after listing on the Nasdaq exchange, according to crypto analyst Ali Martinez, and AVAX is consolidating in a tight trading range that has narrowed over time.

“If the altcoin breaks the overhead resistance, it could rise to $93 with its ATH”

Analyst Ali Martinez states that AVAX's price action over the past week seems to have caused a symmetrical triangle to form on the 4-hour chart, making the following assessment:

An ascending trendline develops with swing lows, while a descending trendline can be drawn with higher swings. As Avalanche's native token approaches the top of the triangle, the move indicates that a spike in volatility is about to occur. The measurement of the height of the y-axis of the technical pattern attached to the breakout reflects a 31.7% price movement in both directions.

Given the uncertainty that AVAX offers, the analyst states that it is very important for investors to wait for the decisive 4-hour candlestick chart outside the $69 to $62 range before entering any position.

If the asset breaks through the overhead resistance, it could rally to its all-time high (ATH) at $93. However, it could lead to a correction towards $41 if it loses the $62 support level.

At the time of writing, Avalanche (AVAX) was trading at $63.72, up nearly 2% on a daily basis. However, the altcoin also saw $69.24, up 13% on the day.

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