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• AVAX’s worth exhibits energy because it bounces from a downtrend with excessive quantity, aiming for a rally to $20.
• AVAX faces a rejection to development larger above $17 after the worth fell sharply under key resistance.
• AVAX’s worth stays sturdy under the 50 Exponential Moving Average (EMA) because it makes an attempt to rally previous a key space.

The worth of Avalanche (AVAX) has remained sturdy because it approaches the $17 area, going through resistance to rising to the $20 area. The crypto market has appeared extra secure this week, with Bitcoin (BTC) and Ethereum (ETH) experiencing important worth motion. This new reduction rally within the crypto market has benefited smaller cash comparable to Avalanche (AVAX), which has rallied from its downtrend motion to a excessive of $17 as worth makes an attempt to break via key resistance. (Data from Binance)

Avalanche (AVAX) Price Analysis On The Weekly Chart

Although many altcoins have struggled to development in a variety market, the worth of AVAX has seen extra of a downtrend transfer as the worth of AVAX dropped from a excessive of $150 to $15, seeing greater than an 80% decline in its worth.

AVAX’s worth lately declined from an all-time excessive of greater than $150 to a area of $75 earlier than rallying to a excessive of $100; the worth of AVAX confronted additional rejection to its worth to a variety low of $60. 

The worth of AVAX bounced instantly, forming pin bar candlesticks as the worth rallied to $96 with what appeared to be a reduction for extra rally to the upside.

AVAX’s worth confronted a a lot greater rejection at $96 as the worth has constantly declined from this excessive to a weekly low of $15, the place the worth tried to rally excessive however with much less quantity accompanying this rally.

Despite AVAX rallying from its weekly low, the worth failed to break previous the resistance at $35.3, corresponding to Fibonacci’s retracement worth of 23.6%. The worth to break the resistance at $35.3 for extra reduction.

Weekly resistance for the worth of AVAX – $35.

Weekly Support for the worth of AVAX – $15.

Price Analysis Of AVAX On The Daily (1D) Chart

In the day by day timeframe, the worth of AVAX stays sturdy and trades above the important thing Support fashioned at $15 after the worth rallied from its day by day low, with the present market wanting favorable for many crypto belongings.

The worth of AVAX wants to break and maintain above 50 EMA, performing as a robust resistance to the worth of AVAX. The worth of $17.50 corresponds to the worth of fifty EMA, performing as resistance for the worth to break larger to a area of $20. 

Daily resistance for the AVAX worth – $17.50.

Daily Support for the AVAX worth – $15.

Featured Image From zipmex, Charts From Tradingview