Avax appeared to be reversing the trend following the latest surge in volatility. It experienced a massive gain in the last two days and registered 40% profits in a week. The price is now testing a key level.
Last month, Avax mounted support above the $8.5 level after losing momentum for two years. It regained momentum and started to build up slowly on the daily chart with a monthly close at $12.
The asset entered this month on a positive note and continued to struggle on its way up. Earlier this week, it broke slightly out of its short-term structure and maintained slow and steady movement as it gathered momentum.
Yesterday, trading volume increased and the price jumped quickly to $14.85. It reiterated actions today and further surged through a key resistance level to test the $17 – May breakdown level.
It faced rejection there, dropped briefly and now sits above $16.8. There is more room for an increase on the daily, but the price may pull back a bit before resuming buy. While Avax remains technically bullish, the price is off the bears’ hook from a short-term perspective.
Avax’s Key Level To Watch
Source: TradingView
The price is up by 15% in the last 24 hours. If the growth percentage increases in the next few hours, Avax may test $18 before pushing to a minor resistance of $19. The $20.28 level remains the key target resistance for this short-term rally.
A drop below the $16 level could trigger a deep pullback towards the $15, $14 and $13 supports in succession. The main support to watch for a pullback lies at the $12 level – where the price flipped through last week. Losing that level may bring the price back to the bottom.
Key Resistance Levels: $18, $19, $20.28
Key Support Levels: $15, $14, $13
- Spot Price: $16.7
- 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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