Starting this week with a sell-off, Avax found support and recovered after registering a double-digit loss in a week. This brought a slight break in the bloodbath as it currently posts gains daily.
Following months of consistent price reductions, Avax appears highly bearish on the mid-term scale as it continues to flip through several key support levels weekly. The leg down took a strong toll on the bulls as they suffered along in the dip, closing last week’s trading under $18.
Yesterday, being the start of a new week, marked a painful loss for them as the price continues to roll over, but they were able to intercept the move at $14.6. This interception triggered an hourly buy and the price increase to where it trades at $17.48. The selling might resume soon.
Currently, the price is up on the day. We can anticipate an extension if the supply level increases. In the opposite direction, a further buy should facilitate more recoveries on the hourly chart before resuming bearish.
Holding yesterday’s low well could trigger a strong bounce capable of creating a double-bottom pattern on the daily chart. If that happens, Avax may witness a trend shift shortly. But considering the negative sentiments surrounding this market, there’s currently no room for such a shift at the time of writing.
Source: Tradingview
Right now, Avax’s resistance is marked at $19.85. If the demand level increases with a surge above this holding resistance, the higher levels to consider for a test would be $22.5 and $27.2.
Losing the recent $14.6 low could fuel more sell-offs in the market. The closest support level for drops would be $12.5, along with the $10 level.
Key Resistance Levels: $19.85, $22.5, $27.2
Key Support Levels: $14.6, $12.5, $10
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 @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
The Chainlink Reserve has continued aggressively expanding its LINK holdings after accumulating another 132,002.92 LINK…
VanEck has achieved the first launch of a U.S.-based spot Binance Coin (BNB) exchange-traded fund…
Aave Labs has taken a significant step toward UK regulatory approval following the registration of…
Falcon Finance is poised to be part of the next generation of the development of…
Manifest Finance has officially aligned with Ethena, the infrastructure supporting USH, Manifest's real estate-backed token…
In one of the most important institutional tokenization initiatives proposed this year, DTCC and the…