Avax lost steam earlier this month after facing a sharp rejection. However, it regained momentum last week and later pushed near the monthly rejection level today. It has retraced briefly, but more positive actions lie ahead.
Last week saw Avax through a notable recovery after dropping for days. It managed to close above $10 in that week and advanced buying on Monday.
After that, it remained calm for two days and resumed pressure earlier today due to the latest surge in volatility. It tested $11.47 a few hours ago and retraced slightly to $11.1 – where it faces a minor resistance at the moment.
Climbing back above this resistance could pave the way for more rallies in the coming hours. The short-time price target to watch for this mini-rally is $16. And if the price manages to surpass this target level in the future, we can expect an extension of the rally to take place.
Despite facing hurdles in the past hours, the crypto asset still looks bullish on the daily chart. Currently, there are no signs of bears in the market. However, if they show interest, Avax may pull back slightly to look for nearby support.
While the $8.6 level served as a base support for days, a crack below it could trigger a big sell-off and most importantly bring the bear bears back in control.
Avax’s Key Level To Watch
On the way up, it is likely to encounter resistance at the $12.1 level, where the price broke down in August. An increase above it could see the price through to $13.1 and $14.4 in the next few weeks.
If the price drops and fails to find support above $10, Avax could plummet to $9 before passing through $8.6 to mark a new low of $8. Such a setup doesn’t look realistic with the current positive sentiments.
Key Resistance Levels: $12.1, $13.1, $14.4
Key Support Levels: $10, $9, $8.6,
- Spot Price: $11
- Trend: Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.