Avalanche looks bullish and continues to reiterate the monthly positive actions. But trading is stalled under $18 over the past week following multiple rejections at a long resistance line. It attempts to retake this price level once more.
After posting several gains over the past weeks, Avax slowed down momentum and remained a bit calm since it saw multiple rejections around the descending resistance line formed over the past 7 months.
Despite this rejection, the asset recharges high and shows signs of strength; but the buying volume is not strong enough to scale the price through the ongoing consolidation phase. A big price movement is lurking around the corner.
Meanwhile, Bitcoin’s price has rolled back a bit after climbing above $23k yesterday. Avax may fall from the current phase should the leading cryptocurrency correct lower. Although the bulls are not giving up yet.
Avax trades at around critical resistance at the moment. A notable push above the resistance line is likely to signal more buy actions in the future. The price target will be the November 2022 resistance of $20.6.
If the market repeats the same bearish pattern that occurred in the past year, the recent rejection could paint a lot of reds in the coming months.
Avalanche’s Key Level To Watch Out For
Even though the price remains in the middle of a consolidation, Avalanche’s bullish action is still intact and looking poise for more gains.
It needs to overcome last week’s resistance of $18.6 before tapping the $20 level. Above this level lies the November 2022 resistance mentioned above. The next one above it is $22.
If the price falls, the support to watch out for is the weekly recovery level of $16 followed by $14. Another support to keep in mind is $12 and $10.55, which remains the last defense line for the buyers.
Key Resistance Levels: $17.46, $20, $22
Key Support Levels: $16, $14, $12
- Spot Price: $17.4
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
Image Source: kviztln/123RF // Image Effects by Colorcinch
