Following a recent break and rest pattern of a five-month descending channel, Avax found support this week and bounced briefly. It posted gains today and looks ready for another swing high.

After marking resistance at the $30 level in late September, Avax started this month weak with a pullback and posted some loss on a daily scale.

However, it later found support at the $24 level in the mid-week and bounced slightly. Luckily for the bulls, trading volatility enhanced today and the asset produced gains in the past hours. This could lead to another upsurge if the bulls continue to show commitment daily.

Looking back from there the price picked up two months ago, Avax is forming a higher high and higher low pattern on the daily chart as it signals a shift from the mid-term bearish trend. An increase above last month’s resistance could bring more gains in the coming weeks.

Another indicator for a major bullish move here is the recent channel break and retest pattern on the daily chart. As we can see, the price is slowly picking up again for a big rally.

Though it may face some hurdles on the way up, but the target range for the latest bullish signal lies at $37. Currently, the bears are off the market. If they show up again, Avax may lose momentum until it finds a threshold. But for now, it appears set for a huge growth.

As the price slowly jerks up, the probable obstacle level for the bulls is the mentioned September high. If they surpass it, the $37.2 and $41.8 levels are the next resistance to keep in mind for a test.

The current weekly low is held as support. A crack below it could slip the price to $22.8 and potentially $20.5 before rebounding. Below these price levels lie $17.3 – the recent bottom.

Key Resistance Levels: $30.9, $37.2, $41.8

Key Support Levels: $22.8, $20.5, $17.3

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: ivanbabydov/123RF // Image Effects by Colorcinch

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