After registering a notable gain recently, Avalanche AVAX suspended bullish and remained calm for weeks. However, it still holds 35% gains monthly amid the latest market sentiments. A big expansion is lurking around the corner.
Aavx’s trend remains bullish from a short-term perspective, but it appeared temporarily suspended – subjecting to a sideways trend for the past three weeks—a classical consolidation phase.
The latest calmness in the market suggests an extreme drop in volatility. As seen on the daily chart, there’s a lack of interest. While the price is technically at equilibrium, we can expect an imbalance anytime soon, capable of causing a big price expansion.
In the middle of that, the $60 level has become a barrier for the bulls since the price fell from around $65 about two weeks ago. Meanwhile, the price is still sitting well above the $50 level for days.
If the bulls show strong commitment and successfully push above the barrier level, we can expect a strong rally in future trading. On the other hand, a crackdown may cause a bearish action before rising back.
Technically, the bulls are still in control from a mid-term perspective. And looking at the gains so far, Avax is up 480% in the past 180 days.
Avax’s Key Level To Watch
Source: Tradingview
There’s a minor resistance at $58. Above the $61.45 and $65.4 resistance levels, which has been a solid barrier zone for the bulls in the past weeks, lies the $70 level. Subsequent levels to watch above it are $75 and $80.
While the $50 level currently supports the market, the next support level to keep in mind for a crackdown is $45.2, followed by the $40 level.
Key Resistance Levels: $58, $61.45, $65.4
Key Support Levels: $50, $45.2, $40
- Spot Price: $53.9
- 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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