2024-6-1 20:50 |
Following the mid-month surge that led to a false breakout last week, Avax fell back into a range and continued to show signs of weakness. It is currently looking for key support to initiate a buy on the daily chart.
Bouncing off the key $29 level in April, Avax has witnessed a lot of fluctuation and has remained in a tight trading range for almost six weeks. This came after halting a month’s bearish correction from $65.
From a technical perspective, it is still maintaining a neutral-bearish mode on the higher timeframe while deciding on the next direction.
However, the price broke slightly out of its range mode during last week’s trading, but it saw a rejection under $42 and dropped steadily to a weekly low of $35.3 – trapping the bulls. The price is now up due to a 2% daily gain.
If we consider the daily market structure, Avax is still looking for a solid ground level as it continued to shed losses over the past week. we can expect more losses until it finds a key support. Currently, the bears are in control.
The $30 and $40 levels remain a crucial breakpoint range to watch for the next major rally. A break on either of these price levels would determine where it is likely to head next.
Avax’s Key Level To Watch Source: TradingviewShould Avax locate solid ground, the immediate resistance to keep in mind is $40 and $41.8. Breaking through those levels could activate a surge to $45.2 and $50 in the future.
While the price is down over the past week, the immediate support level to keep in mind is $34. Below it lies the $31.4 level, followed by last month’s support of $29.3.
Key Resistance Levels: $40, $45.2, $50
Key Support Levels: $34, $31.4, $29.3
Spot Price: $36.6 Trend: Bearish Volatility: ModerateDisclosure: 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: alidrian/123RF // Image Effects by Colorcinch
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