After posting notable losses for weeks, Avalanche AVAX found a solid support level and went through a slight retracement this month. But it faced rejection again and showed signs of weakness earlier this week. 

Last week marked a moment of relief for the bulls as Matic took a short break in selling, posting several gains and closing strong on a weekly scale. 

Unexpectedly, market sentiment changed earlier this week and the price fell again. So far, it has registered about 8% loss with a choppy price action in the last 24 hours, suggesting an exhaustion in selling. 

If the bulls take advantage of this selling exhaustion by intercepting the move, we can expect a bounce back to the weekly high as such a setup should signal a bullish reversal pattern in the form of a double-bottom. This pattern could bring a full recovery in the market. 

However, it is important to note that the price is still under the bearish radar from a short-term perspective. If the bears continue to mount pressure, they may revisit the monthly low before deciding on the next direction. 

As it stands, there are no signs of strength in the market. The steady decline in the daily volume indicator suggests a significant volume outflow in the last 15 days. If this indicator continues to decline, we can expect more dips to occur. 

Following this week’s drop, Avax is now floating at around $35. A further decrease from there could slide the price back to the monthly $29.3 low. There’s a minor support at $27.3. Below it lies the $24.7 and $19 levels. 

A rebound above this monthly low could activate a buy to this week’s $40 high. A surge through this high could allow more gains to $45.2 and potentially $50 in the near term.

Key Resistance Levels: $40, $45.2, $50

Key Support Levels: $29.3, $24.7, $19

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: inueng/123RF // Image Effects by Colorcinch

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