In continuation of the dip, Avax appeared weaker on the daily chart following another 10% weekly loss. This puts the market in a better selling condition, creating a new yearly low. Bigger moves lurk around!

The past months have marked a tumultuous period for Avax as it advanced bearish after taking a short break in selling. It broke several supports but managed to stay above the key $30 level during last week’s trading.

Unfortunately, it lost momentum and extended drops below the key level this week, making a total of 65% loss since it started to correct lower in March. Currently, the trend looks strongly bearish on the weekly chart with no signs of stopping at the moment. 

Looking at the daily price chart, Avax is trading back at $25 after a small increase early this week. This came after marking a new yearly low at the $24.5 level, which is now held as support. 

If this support contains selling pressure, we may see a recovery in the coming week. But from the look of things, the correction could last long until it finds a solid threshold. This may even bring the market back to the bottom as there’s still room for selling. 

Technically, there are no signs of buying in the market. Even if the bulls step back, they must retake the previous month’s higher before we can consider a swing high. For now, the bears are still in control.

Looking at the daily chart, there’s still room for drawdowns. In anticipation, the potential level to watch below the $24.5 support is $22 and $18.9. Lower supports are located at $15.6 and $12 respectively. 

Aside from the $29.3 level, which is now held as resistance, the $34 and $37.2 levels are higher resistances to watch for an increase.

Key Resistance Levels: $29.3, $34, $37.2

Key Support Levels: $22, $18.9, $15.6

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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