AVAX at a Turning Point: Key Levels to Watch
Hello, Traders!
After reaching its local high last month, AVAX price experienced a significant correction, dropping by 40% from its peak.
Such a correction is not unusual after a strong rally and can be seen as a healthy market reset.
Currently, AVAX is trading near its local bottom, showing signs of stabilization.
The current price action indicates that we might be approaching a critical inflection point, and there’s a high probability that the price will resume its uptrend toward new highs.
For this bullish scenario to play out, it's crucial for AVAX to rise above the $42-$44 resistance levels.
Breaking these levels would invalidate the current local descending trend and signal renewed strength in the market.
Once the price establishes itself above the $44 mark, the uptrend can be considered official, with the $54 area emerging as the next major target.
Traders should also keep an eye on volume spikes, as increasing volume near resistance levels would confirm buying pressure and strengthen the breakout scenario.
However, if AVAX fails to reclaim the $42-$44 range in the near term, we could see further consolidation or even a retest of lower support levels.
Please don’t forget to boost this idea and leave your comments below.
After reaching its local high last month, AVAX price experienced a significant correction, dropping by 40% from its peak.
Such a correction is not unusual after a strong rally and can be seen as a healthy market reset.
Currently, AVAX is trading near its local bottom, showing signs of stabilization.
The current price action indicates that we might be approaching a critical inflection point, and there’s a high probability that the price will resume its uptrend toward new highs.
For this bullish scenario to play out, it's crucial for AVAX to rise above the $42-$44 resistance levels.
Breaking these levels would invalidate the current local descending trend and signal renewed strength in the market.
Once the price establishes itself above the $44 mark, the uptrend can be considered official, with the $54 area emerging as the next major target.
Traders should also keep an eye on volume spikes, as increasing volume near resistance levels would confirm buying pressure and strengthen the breakout scenario.
However, if AVAX fails to reclaim the $42-$44 range in the near term, we could see further consolidation or even a retest of lower support levels.
Please don’t forget to boost this idea and leave your comments below.
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