Market Analysis

 AVALANCHE PRICE ANALYSIS & PREDICTION (February 9) – Avax Shows Signs of Strength Amid Latest Market Recovery, Faces Monthly Resistance

Avax appeared to stall under a key resistance for two weeks but has managed to post 10% gains despite facing hurdles. Having seen a slight bounce this week, it is still finding it difficult to break higher. 

Last weekend, Avax rejected the $38 level after failing to sustain recovery. It pulled back for four days and temporarily halted selling above $33 this Tuesday. It bounced briefly and now struggles along. 

The setups currently look good for a buy as trading volume has increased in the past hours. The bulls are not giving up on the price but are struggling to climb higher since Wednesday. 

Trading seems stalled on the weekly chart. A daily close above the recently rejected level could fuel a significant upward movement. Due to the current market conditions, Avax may remain flat on a weekly until a notable amount of volume starts to troops in the market. 

A reverse would happen for the crypto if the volume outflow increases by the day. A drop below the last month’s low could trigger serious price drops. 

Regardless of the market sentiment, the asset remains bullish from a short-term perspective. The price is still up by 150% in the last three months.

Avax Key Level To Watch

Source: Tradingview

Last week’s $37.6 high remains an important resistance level to watch for more recovery. An increase above this high could allow buying towards the $42.86 resistance level. The next resistance level is located at $46. 

A drop below this week’s $33.7 low could cause a meltdown to $31.5. Losing this support could trigger a crackdown to $27.3 and $24.7 in the future.

Key Resistance Levels: $37.6, $41.85, $46

Key Support Levels: $33.7, $31.5, $27.3

  • Spot Price: $36.2
  • 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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Image Source: ivanbabydov/123RF // Image Effects by Colorcinch

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