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The AVAX price is currently maintaining a crucial support zone at $16.00. If there is a definitive breakthrough above the resistance zone at $17.80, we may witness a significant surge in price.
Avalanche has recently experienced a notable increase, following in the footsteps of bitcoin and ethereum, after establishing a foundation above the $15.00 level. The price has surpassed the resistance levels at $16 and $16.50, but encountered resistance from bears near the $17.75 and $18.00 levels.
Avalanche recently experienced a swing high at approximately $17.93, but subsequently lost some of its gains and retested the $16.20 zone. However, a new low was established at around $16.26, and the price is currently on the rise. In fact, it has already surpassed the 23.6% Fib retracement level, which is a significant milestone in the recovery from the downward move that occurred between the $17.93 swing high and the $16.26 low.
The AVAX price has surged above $17.00 and the 200-hour simple moving average, indicating a bullish trend. Additionally, a significant contracting triangle is forming with resistance at $17.75 on the 4-hour chart of the AAVE/USD pair.
There is an immediate resistance near the $17.20 zone, which could potentially act as a barrier to further upward movement. However, the next major resistance is forming near the $17.35 zone, which is close to the 61.8% Fib retracement level of the downward move from the $17.93 swing high to $16.26 low. The main resistance levels are currently near $18.00 and $18.20, and if there is an upside break above these levels, the price could potentially surge over 10%. In this scenario, the price could rise steadily towards the $20 level.
If the price of AVAX fails to surpass the $18.00 or $18.20 levels, it may initiate a downward correction. The immediate support on the downside is located around the $16.50 level, while the primary support is situated near the $16 zone. A break below the $16 level could potentially lead to a new decline towards $15, with the next significant support level being around $14.
According to Price Analysis, The market capitalization of this AVAX is estimated to be $5,570,153,989. The 24-hour trading volume for the same coin is around $309,127,073.
KEY LEVELS :
RESISTANCE LEVEL : $17.50-$18.20
SUPPORT LEVEL : $16.30-$15.50
The current market trend for AVAX/USD is showing a promising falling wedge pattern, which is likely to encourage bullish investors. However, the question remains: what is the next move for this cryptocurrency? Should investors continue to ride the bull run or take profits and wait for the next opportunity? We invite you to share your thoughts and insights in the comment section below.
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.