AVALANCHE PRICE ANALYSIS & PREDICTION (November 11) – Avax Breaks Out Of Structure After Weeks Of Build-up

0

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.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: inueng/123RF // Image Effects by Colorcinch

About Author

Michael is a professional trader and cryptocurrency technical analyst with many years of trading experience. He became passionate about cryptocurrencies and blockchain technology through his sister and has since been following the industry

Leave A Reply