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AVALANCHE PRICE ANALYSIS & PREDICTION (February 24) – Avax Shows Signs of Recovery But No Enough Volume Amid Consolidation
The recent Bybit hack has disrupted the crypto space, resulting in a global market drop of 3%. Few altcoins have bounced back from this sharp decline, but Avax remains weak, having lost roughly 2% today. The price is currently stuck at around $18 in a consolidation mode, gathering momentum for its next phase.
However, the crypto landscape could change positively soon following days of increase, although the price turned red yesterday as Bitcoin’s price nosedived sharply to its recent trading area. This came after a negative sentiment surrounding the crypto space lately. In the midst of this, the price has increased slightly today and is now looking poised for a surge following a quick buyback overnight. More recoveries can be expected if the demand level rises. Losing momentum might cause more havoc as it may extend bearishness in the future. $20 would be its next target if that happens.
Having provided a significant discount in the past months of drops, we can anticipate a positive action anytime soon. Such a scenario should bring the bulls back into the market. But currently, Avax looks indecisive.
Avax’s Key Level To Watch
If the bulls act upon the current surge, the price may increase towards the immediate $27.2 resistance. The higher resistance level to keep in mind is $31.9 along with the $38 level. On the other hand, if bearishness takes over, Avax must reclaim the $24 level – situated above the monthly support. A drop off this support could lead to a crash to $21.2 and potentially $17.3 in the future.
Key Resistance Levels: $27.2, $31.9, $38
Key Support Levels: $24, $21.2, $17.3
Spot Price: $25.8
Trend: Bearish
