The latest crackdown has sent most altcoins to a new monthly low with Avax shedding over 12% loss since yesterday. It is in a serious red zone with no attempt to recover at the moment.
Avax has witnessed a back-to-back decline in the last 48 hours with no key level to contain selling pressure yet. It is still searching for a solid ground level to initiate a bounce.
Currently, there’s no strong level to consider, but the only support level close to the bears right now is $24.7, which at the same time serves as a defence line for the bulls on the daily.
No assurance that this support will hold with the heavy bearish footings in the market. However, if it manages to hold, we may see a little price stability in the market and perhaps a slight recovery before it resumes bleeding.
Looking ahead, the $20 level is a crucial psychological level to pay attention to for a strong rebound in the near term. If this level fails to hold well, the correction may extend towards $16. It may even reach $12 before it starts to jerk up.
As of now, the bears are fully in control with no trace of buyers in the market. The bulls will continue to suffer along until they find a threshold point to step back into the market.
So far, Avax’s market cap has dropped by more than $7 billion in terms of volume since late December.
Avax’s Key Level To Watch
On the way down, it may face support at $24.7. There’s also support at $22 in case of further drops. The lower support level to consider for breakdowns is $20.
If Avax finds a key rebound level, the immediate resistance for recovery would be $30 and $31.5. In case of more recovery, the $34 and $37.5 levels are areas to keep in mind.
Key Resistance Levels: $31.5, $34, $37.5
Key Support Levels: $24.7, $22, $20
- Spot Price: $27.9
- 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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