$Avax resumed bullish this week and flipped the previous resistance level after posting 38% gains in a week. It tapped a new multi-high and saw a slight rejection. More rallies are expected once the demand level keeps rising.
Following last month’s correction, which pulled the price to from a high of $24.75 to a low of $18.9, $Avax bounced back with a brief consolidation and managed to close above the psychological $20 level in that month.
It reiterated positive actions this month and flipped through November’s resistance to mark a new one at $27.7 a few hours ago. Unfortunately, it encountered resistance there and dropped slightly to where it is changing hands at $26.6.
Despite that, the price remains strong on the daily chart. However, we may see a small pullback to the recently flipped resistance on the hourly before resuming bullish. If a pullback fails, the price may rally quickly into the $30 zone, which initiated a huge drop in August 2022.
In the case of bearish, which is not feasible at the moment, $Avax would need first to drop below last month’s recovery level before we can start to consider a shift in trend from in the short term.
Right now, the bulls are gaining control of the market as more potential surges lie ahead. So far, $Avax has traded over $1.8 million in volume, with a 15% increase in the last 24 hours.
$Avax’s Key Level To Watch
Source: TradingView
In the upcoming days, the key resistance zones to keep in mind are $28 and $30.88. A break above this key zone should activate more rallies to $33 and potentially $36 in no time.
While the $24.75 support stands as a pullback level to keep in mind for potential drops, the $22.8 and $20.65 levels are the next support to watch before breaking below $18.9.
Key Resistance Levels: $28, $30.88, $33
Key Support Levels: $24.75, 22.8, $20.65
- Spot Price: $26.65
- Trend: Bullish
- 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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Image Source: skorzewiak/123RF // Image Effects by Colorcinch
