2024-3-19 07:34 |
Avax saw a notable dip in the last 24 hours due to the ongoing loss across the space. However, the trend remains bullish on the daily chart but the price is currently weak as selling pressure increases hourly.
Yesterday, Avax reaches another milestone exactly $61.46 after surpassing the $50 resistance level earlier this week. But unfortunately, the buying pressure stopped and the price dropped due to a rejection.
This culminated into a sell action over the past hours and as we can see, the bears are currently taking charge on the day. The latest weakness has brought a notable loss and at the same time led to a small pullback in the market.
However, things are still looking good for Avax as it remains highly bullish on the weekly timeframe. A further pullback could bring more price loss before resuming bullish at full speed. It is yet to show signs of strength on the lower timeframe.
Losing the monthly low in the process could cause a catastrophic drop capable of rolling the price back to the yearly low and even lower. But looking at the market structure, such a scenario is not realistic from a technical perspective. A bullish move is much expected.
While anticipating for such a move, Avax must break above its recent high to validate a continuation of the existing trend. Due to the latest dip, it might take few days before it finds a key support level for a rebound.
Avax’s Key Level To Watch Source: TradingviewAs the $61.45 level serves as weekly resistance, a break above it could validate a continuation to $65 and possibly $70 as the next resistance.
A solid bounce above the $50 support could bring the bulls back in the market. Otherwise, Avax could navigate at $45.2 for support. A drop below the weekly $40 low may activate a broader pullback in a short term.
Key Resistance Levels: $61.45, $65, $70
Key Support Levels: $50, $45.2, $40
Spot Price: $55.6 Trend: Bullish 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: inueng/123RF // Image Effects by Colorcinch
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