Avalanche is starting to show strength again after struggling to drop briefly in the past few days. It increased by 4% today but now facing a tough resistance level. The next direction will be determined if the price breaks or make.
Since Avax bounced back in the past weeks, it has been finding it difficult to push through the $18.3 resistance level due to low buying volume. That resistance level later initiated another mild drop during last week’s trading.
Yesterday, it regained strength and pushed higher to the resistance level a few hours ago. The price may break through this time following the latest increase in Bitcoin’s price. A rejection at that resistance level could bring a pause in the rally.
The price range for the potential breakout lies around the $22 area where the price fell from in February. That price area remains a key breakpoint for a mid-term bullish. A big price movement should start from there. Although the area may suppress buying pressure for a while before it flipped.
Losing the $17 level could fuel a serious drawdown to $15 within a short period. The decrease in the daily volume indicator is something to pay attention to as the price struggles to advance higher. A continuous drop in this volume could hinder positive actions in the future.
The $10.5 level is marked as the bottom of the bearish cycle with a firm support level at $14. The price must crash below these price levels before we can start to consider a downward extension. From a technical standpoint, Avax is considered bullish from a short-term perspective.
AVAX’s Key Level To Watch
As it trades around the $18.3 resistance level, the closest level for an upsurge lies at $19.47, followed by $21.8. A mid-term rally from there could send the price to $30 in no time.
The support levels to watch for a bearish action are $16.9 and $15.56 before rolling back to $14. More support lies at $12 in case of a drop.
Key Resistance Levels: $18.3, $19.47, $21.8
Key Support Levels: $16.9, $15.56, $14
- Spot Price: $18.23
- Trend: Neutral
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
Image Source: valedol/123RF // Image Effects by Colorcinch
