Avalanşă builds up for a fresh explosion as it continues to gather volatility over the past few days. While facing a crucial resistance, the bullish rally remains intact as the rally pauses.
So far, Avalanche has increased by over 60% since the beginning of the year, and it is likely to start a fresh increase above the current trading level of $18.
The past few weeks have been quite interesting following the notable surge in the price of Avalanche. However, the wave was slowed down a bit as volatility shrunk with choppy price actions.
Such a price squeeze is mostly followed by a massive explosion, which could propel the price more in an upward direction. A look at the 4-hour chart suggests that buyers are reinforcing a strong momentum, which is likely to occur any time from now.
This build-up may cause the price to shoot straight at $20 before tapping more high levels. However, the price needs to break out of the resistance line formed in mid-2022. There is a need for strong buying pressure to bring the actions into play.
And if rejection occurs and the price goes in the opposite direction, we can expect a retracement before rebounding higher. A continuous decrease below the recovery level will cause severe pain.
Avalanche’s Key Level To Watch Out For
If the price drops from the current trading level, the level to consider as support on the daily chart is $16, followed by $14 and $12. The next support level to consider is $10.55. a crash below this level will turn the trend bearish.
As Avax continues to face critical resistance around the current price level, the resistance to watch for a breakout is $20 and $20.6. Above it lies $21.8 and $23.7.
Niveluri cheie de rezistență: $ 20, $ 21.8, $ 23.7
Niveluri cheie de asistență: $ 16, $ 14, $ 12
- Preț spot: $18
- Tendinţă: Bullish
- Volatilitate: Înalt
Dezvăluire: Acesta nu este un sfat de tranzacționare sau de investiții. Cercetați-vă întotdeauna înainte de a cumpăra orice criptomonedă sau de a investi în orice serviciu.
Sursa imagine: alidrian/123RF // Efecte de imagine de Colorcinch
Source: https://nulltx.com/avalanche-coin-price-analysis-prediction-jan-30th-avax-continues-to-face-critical-resistance-after-11-weekly-gains-will-it-break/