After months of continuous price cuts, Avax appears to be very bearish on the mid-term range as it continues to fluctuate across several key support levels on a weekly basis. The decline had a strong impact on the bulls as they struggled throughout the decline, closing last week’s trading below $18. Yesterday, the start of a new week, saw a painful loss for them as the price continued to decline, but they were able to intercept the move at $14.6. This objection triggered an hourly buying event and increased the price to where it is trading at $17.48. Sale may resume soon. Currently, the price is high today. We can expect an extension if the supply level increases. In the opposite direction, more buying should facilitate further recovery on the hourly chart before the downtrend resumes. Maintaining yesterday’s low may lead to a strong bounce capable of creating a double bottom pattern on the daily chart. If that happens, Avax could see a trend shift soon. But given the negative sentiment surrounding this market, there is currently no room for such a turnaround at the time of writing.
The main level of Avax to watch
(caption id=”attachment_99974″ align=”aligncenter” width=”680″)
source: Tradingview(/caption) Currently, resistance for Avax is set at $19.85. If the demand level increases with a break above this fixed resistance, the higher levels to consider for testing would be $22.5 and $27.2. Losing the recent low of $14.6 could fuel a sell-off in the market. The nearest support level for declines will be $12.5, along with the $10 level. Key resistance levels: $19.85, $22.5, $27.2. Key Support Levels: $14.6, $12.5, $10.
- Spot price: $17.5
- Trend: bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash To stay up to date on the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
