AVAX - Bullish Reversal or Dead Bounce?🤔

7 Jul 2022

Hi Traders, Investors and Speculators 📈📉

Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year.

In this video, we take a quick look at altcoin AVAX / Avalanche . We discuss a possible dead bounce on the support zone and we take a look at potential in the event that the price gets rejected at current resistance zone . Watch the quick video to see where AVAXUSDT could head next.

In this analysis, I lean more towards a dead bounce as opposed to a reversal. The main reason for this is unfavorable market conditions across the board. Last week, S&P 500 capped its worst six-month start to a year since 1970. 68% of chief financial officers ( CFO ) expect a recession to occur during the first half of 2023, according to a CNBC survey. Months of stock market volatility , increasing inflation and rising interest rates have left many investors wondering if a recession is coming. Currently it’s down more than 20% year to date. The Dow Jones Industrial Average and Nasdaq Composite are also down significantly since the beginning of 2022, dropping more than 15% and nearly 30%, respectively. Meanwhile, consumer feelings about the economy plummeted and fear is high according to the University of Michigan’s closely-watched Survey of Consumers, measuring a 14.4% decline in June and a record low for the report.
World's richest man Elon Musk has already started laying off employees at Tesla as he anticipates a global recession. Facebook founder Mark Zuckerberg is following, claiming he plans to lay off some employees.


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In cryptocurrency markets :
⁕ Bitcoin BTC gets rejected at resistance zone $20500, short term support zone $19500
⁕ Ethereum ETH reclaims $1150 as it follows Bitcoin mini rally
⁕ XRPUSDT remains in a tight range
⁕ LINKUSDT gains 3% following Bitcoin rally
⁕ SHIBUSDT Shiba Inu remains in a tight range
⁕ ADAUSDT / Cardano reclaims 45c support zone
⁕ DOGEUSDT Dogecoin trades at $0.0692

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