Avalanche (AVAX) Price Analysis: Bulls Regain Control as AVAX Eyes May High
- 王林Original
- 2024-07-17 22:44:12720browse
The daily market outlook is still much dicey despite the latest recovery. However, Avalanche has seen a nice 7% increase since yesterday but the price looks indecisive as it continues to maintain a sideways trend.
The daily market outlook remains largely volatile despite the recent recovery. However, Avalanche (AVAX) has shown a promising 7% increase since yesterday's trading session, but the price action appears indecisive as it continues to maintain a sideways trend.
Avax's performance over the past three weeks has been relatively dull, entering a consolidation mode on the daily scale. But the price is gradually picking up again following a recent rejection at the $22 level.
Currently, the price is encountering a weekly resistance level due to a slight increase in demand over the past hours. A further increase in this demand could fuel more surges to the current monthly high before we can confirm the bullish formation on the daily timeframe.
This should also validate a breakout of structure on the lower timeframe. If all these scenarios come into play, we can anticipate a significant price movement to May's high in no time. A suppression at the monthly high could allow the market in a consolidation mode.
From a technical standpoint, Avax's bias is still leaning more towards the bears in the short-term perspective. A breakdown from the current mode could send the price to a lower price level until it locates a threshold.
With the way things are panning out in the market, the bulls are likely to have an upper hand in the next few days. Expect more positive actions!
Avax's Key Level To Watch
While the $24 and $22 levels are serving as support areas on the daily chart, the $18.9 support level would be the next area of interest for the bears if the price breaks down.
Charging towards the key $30 resistance, marked as a monthly high, the $34 and $37.2 levels are the next resistance levels to watch for a price breakup.
Key Resistance Levels: $30, $34, $37.2
Key Support Levels: $24, $22, $18.9
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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