Many altcoins are in green today, including Avax which posted 4% gains in the past 24 hours. This gain was triggered by a bounce off a support line yesterday and is now looking strong on the daily chart.
This month’s trading looks a bit dicey due to some minor drops that brought negativity to the market. The two-month rising trendline provided support, and the price closed with a doji candle yesterday.
The bulls took advantage of the weak selling and increased the price today. As we can see on the daily chart, trading looks good as Avax shows signs of strength with a notable increase over the past 24 hours.
As it foots a fresh increase on the daily chart, we may see a strong weekly close above $28 if the volume continues to increase. Otherwise, it may wash gains and remain calm on the day.
While the current gain is still very low, Avax is registering a huge gain on the hourly chart. It appears strong and ready for a new rally capable of bringing the bulls back into action.
Despite witnessing drops since the start of this month, it is still looking bullish on the short-term perspective with a 9% gain in the past week. It currently signals a buy.
Avax’s Key Level To Watch
If the price further increases, the key resistance level to watch for buying is $30.9. A breakthrough this resistance could bring a test at $33 before advancing higher to the $37.2 resistance level.
Yesterday’s low is currently acting as support. If the price slides below it, the lower support level to consider for drops would be $22.8 and maybe $20.5.
Key Resistance Levels: $30.9, $ 33, $37.2
Key Support Levels: $25, $22.8, $20.5
- Spot Price: $26.7
- Trend: Bullish
- Volatility: Low
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