The last 48 hours mark the most volatile session in the market since Avalanche started to recover two weeks back. It appeared strong on the week but bias remains bearish on the monthly scale.
Last week’s trading was painful as Avax briefly turned weak after posting small gains from the monthly low. However, things turned out positive this week as the market rose significantly near $27 earlier today.
This bullish move is traced back to a steady rise in demand, which could bring more price growth in the coming weeks. While the supply level is now at an extreme low, the bears may suffer losses as they continue to take a break.
Interestingly, this past week of trading has seen Avax through its highest volatile buying session since March. If the volatility further increases for the rest of this month, we may see a small shift in the market structure.
Although, there’s no sign of weakness as the bears are currently off the market. If they intercept the current move to regain control, we can expect a fresh sell-off capable of bringing us back to the monthly low.
While the latest buying pressure is becoming stronger daily, the bears may find it difficult to counter the latest buying as demand now outweighs supply. But still, the overall market remains bearish on the macro level.
Avax’s Key Level To Watch
Source: Tradingview
Avax is currently eyeing a hidden psychological $30 resistance along with the $33 level – marked as last month’s resistance. An increase above this resistance level could bring a slight market shift to the $37.2 level, followed by $40 in the short term.
For now, the $22, $19 and $17.3 supports are now considered as key monthly levels. If the price drops and breaks below then, a new support may surface between the $15-$12 area.
Key Resistance Levels: $30, $33, $37.2
Key Support Levels: $22, $19, $17.3
- Spot Price: $26.4
- Trend: Bullish
- Volatility: Moderate
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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