From $46 to Glory or Gloom – Avalanche AVAX Journey
Avalanche is trading at a crucial juncture near $49.08, with price action consolidating in range zone where we will continue to see slow and choppy price action.
1. A bounce from the support level at $46.09 and a subsequent push above $51.62 could signal bullish momentum for AVAX, paving the way for a rally toward the next resistance level at $59.39 (Dashed Green Projections).
2. A breakout beyond this zone would confirm strong buyer interest, potentially targeting higher levels near $66.63 as the next key milestone (Green Projections).
3. A failure to maintain the $46.09 support could open the door to further declines, with the price likely retesting the next major support at $38.32 (Red Projections).
1. A bounce from the support level at $46.09 and a subsequent push above $51.62 could signal bullish momentum for AVAX, paving the way for a rally toward the next resistance level at $59.39 (Dashed Green Projections).
2. A breakout beyond this zone would confirm strong buyer interest, potentially targeting higher levels near $66.63 as the next key milestone (Green Projections).
3. A failure to maintain the $46.09 support could open the door to further declines, with the price likely retesting the next major support at $38.32 (Red Projections).
Note
AVAX is following Scenario 1 (dashed green projection) and is currently testing the $46.09 level. It needs to demonstrate strength to push higher from this region. If it fails to sustain price action above this support, bearish momentum could increase, targeting the $38.32 zone (red projection).Note
AVAX has declined to $38.32, reflecting the bearish scenario predicted earlier this week (red projection). $38.32 is the major support in the 4 Hour chart. A reversal from this level appears likely. Keep a close watch on price action around this key level for a possible sign of rebound.
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