Most top altcoins have calmed down a bit due to the latest gains, which brings suspension in bearish actions. Avalanche held support above $16.7 and now attempting to bounce back.
Last week saw Avax through several resistance levels to the peak of $21.5 before witnessing a sudden nosedive in the mid-week. This later led to a big drop of over 25% in three days.
The roller coaster temporarily paused yesterday. And today appeared to be a relief moment as the bears took a break. As a result of that, it has recovered 2% as the buyers aim to take advantage of the buying opportunity.
It appeared to have found a holding support level at $16.7 but that level does not look strong at the moment. Although it has managed to push above $17 at the moment.
A continuous price increase from the current trading level could give buyers an upper hand to regain control. They would need to push the price above the previous resistance level to completely restore dominance.
If the bears resume pressure, we may see another drawdown below the holding support level. The ascending trendline would be the next target area for support before considering the next major move.
AVAX’s Key Level To Watch
The price looks calm at the moment. If Avax witnesses more recovery, the important resistance levels to watch along the way up are $18.3 and $19.47. A break from here should propel buying to the $21.8 and $23.7 resistance levels.
Considering a drawdown, the potential level to keep in mind is $16.9 and $15.56, which is right below the current holding support. The lower support level to consider next is $14.
Key Resistance Levels: $18.3, $19.47, $21.8
Key Support Levels: $16.9, $15.56, $14
- Spot Price: $17.2
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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