AVAX Technical Analysis
Updated
Avalanche (AVAX) Analysis
Avalanche (AVAX) has been gradually recovering after a significant drop that saw the price decline from the $31.89 level down to a low of $17.29. Recently, AVAX has been trading on a support zone (Yellow) at $20.69 - $23.04, indicating some consolidation as it attempts to regain bullish momentum.
Currently, AVAX is hovering around the $23.05 mark, just above the critical support zone (Yellow) at $20.69 - $23.04. Despite this recovery, AVAX faces strong resistance near the $24.53 level, as seen in the recent price action.
While the market is showing some signs of recovery, a further downside movement towards lower support zones, particularly the $20.38 level, seems possible if the buying pressure weakens. If AVAX fails to hold above the support zone (Yellow) at $20.69 - $23.04, it may re-enter a bearish phase, pushing the price back towards the lower support level that could determine its medium-term direction.
AVAX is currently at a crucial juncture, with the potential for further downside if it fails to break key resistance levels. Traders should watch for the price holds above the support zone (Yellow) at $20.69 - $23.04 for a potential bullish continuation or a rejection that could lead to a retest of the lower support levels.
Avalanche (AVAX) has been gradually recovering after a significant drop that saw the price decline from the $31.89 level down to a low of $17.29. Recently, AVAX has been trading on a support zone (Yellow) at $20.69 - $23.04, indicating some consolidation as it attempts to regain bullish momentum.
Currently, AVAX is hovering around the $23.05 mark, just above the critical support zone (Yellow) at $20.69 - $23.04. Despite this recovery, AVAX faces strong resistance near the $24.53 level, as seen in the recent price action.
While the market is showing some signs of recovery, a further downside movement towards lower support zones, particularly the $20.38 level, seems possible if the buying pressure weakens. If AVAX fails to hold above the support zone (Yellow) at $20.69 - $23.04, it may re-enter a bearish phase, pushing the price back towards the lower support level that could determine its medium-term direction.
AVAX is currently at a crucial juncture, with the potential for further downside if it fails to break key resistance levels. Traders should watch for the price holds above the support zone (Yellow) at $20.69 - $23.04 for a potential bullish continuation or a rejection that could lead to a retest of the lower support levels.
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AVAX moving towards next support at $20.38 level
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