After losing more than 30% in a week, Avax continued to show signs of weakness as it bleeds towards the yearly low. While losing this low could result in a bigger sell-off, a stronghold above it could trigger a bounce.
Following the ongoing pre-halving crash, which has led most altcoins into a new multi-week low, Avax recorded huge losses but now trades near a key monthly support area, where it is likely to rebound shortly.
As the price speedily reaches a turning point, the bulls are still in disbelief of the latest market behaviour, though they are likely to regain control. In anticipation, March’s high would be an important break level to watch for a bigger price movement.
It is currently trading a few dollars away from the yearly low of $27.3, marked in January. A dip below this low could cause more pain for the bulls in the short term. The market is under the bears’ radar
So far, Avax has seen roughly 50% correction since last month, providing a low discounted rate for the buyers to reaccumulate for a long-term gain. If the bulls fail to counter the current bearish sentiment, it may last longer than expected before stopping.
Avax’s Key Level To Watch
In the middle of the drop, the closest support level for the market right now lies at $30 and $27.3. Slightly below it lies the $24.7 support. If the price continues to slip, it may encounter key support at $21 and $19.
Retaking the lost $35 level could allow a recovery to $40 and then $45.2. The weekly $50 resistance is a higher level to consider for a retest.
Key Resistance Levels: $40, $45.2, $50
Key Support Levels: $27.3, $24.7, $19
- Spot Price: $32.4
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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