AVAX Price Analysis: Bulls Hold Their Ground Amid Resistance
AVAX is still down by 85.62% from its all-time high of $146.22 before we delve into the chart analysis. The price has been in a downtrend for quite some time. A recovery occurred from the $8.65 level, and the rise up to $24.69 was impressive.
AVAX Chart Analysis: Bulls Hold Their Ground Amid Resistance
Avalanche (AVAX) is currently testing the waters at the critical resistance level of $22, which requires careful observation. Bears are expected to fiercely defend this position and potentially trigger a market confrontation. Therefore, we can see that the battle continues fiercely.
Despite the challenging $22 resistance, the upward momentum continues to hold steady. If the bulls manage to maintain their ground and resist a significant pullback from the current level, the likelihood of a breakthrough above $22 will increase. In such a scenario, the pair could target the $25 mark, which is expected to be a tough defense by the bears.
Key Levels and Potential Correction
Looking at the AVAX chart, we can see that the 20-day Exponential Moving Average (EMA) at $18.40 has emerged as a critical level to watch for any downward movement. Falling below this level could indicate the start of a deeper correction and potentially lead to a descent towards $16. Such a change would indicate a further consolidation of the AVAX/USDT pair within the wider range of $10.50 to $22.
Navigating the current market dynamics requires paying attention to both resistance to upward movement and defense against potential downward moves. As AVAX approaches the crucial $22 level, traders and investors should be vigilant for signs of a breakthrough or a pullback. The interaction between these levels will likely shape Avalanche’s short-term trajectory in the cryptocurrency market.
Altcoin AVAX is currently trading at $20.95 as of writing this article. With the recent price increase, the cryptocurrency has reached a market value of $15.14 billion. It should be noted that the maximum supply of AVAX will be 720 million.
The circulating supply of AVAX is approaching 365 million. If this cryptocurrency, which is poised to make significant leaps in the next bull cycle, surpasses its previous peak, it would already represent a 7x gain.