2024-2-24 09:01 |
Avax is down 11% weekly after failing to sustain recovery above the $44 level. It is forming a bearish pattern on the weekly chart and may continue to lose momentum until it reaches an exhaustion point.
The past week has been an ugly moment for Avax as it paints a serious bearish scenario on the lower time frame. However, things appeared good on the higher timeframe as it remains in a buying zone.
But looking at the market structure on the daily chart, Avax is set for another drawdown from a technical standpoint. This pattern looks like the previous swing low that brought the price to around $27 before it bounced back in late January.
Another thing to consider for decline here is last week’s rejection, which led the market into a bearish condition with no signs of ending at the moment. A double-top pattern is technically in play on the weekly chart. An expansion of this drop may roll the price back to last month’s low in the coming weeks.
Considering the fact that Avax is still within a buying zone, there’s hope for a rebound if the buyers react strongly to the drop. Even though that happens, it must increase above $50 before we can confirm continuation.
With the current market conditions, the bears appeared to be in control as they charge to release more pressure on the lower timeframe.
Avax’s Key Level To Watch Source: TradingviewAvax appears to be heading for last month’s low. On the way down, it may face supports at $35.9, $33.7 and $31.2 before passing through $27 to mark a new monthly low of $24.
If a rebound occur, Avax must climb back above the $41 and $43 resistance levels, marked as current and previous weekly highs. After that, the next resistance to watch is $49.
Key Resistance Levels: $40.8, $43.6, $46
Key Support Levels: $35.9, $33.7, $31.2
Spot Price: $37.5 Trend: Bearish Volatility: HighDisclosure: 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: skorzewiak/123RF // Image Effects by Colorcinch
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