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AVALANCHE PRICE ANALYSIS & PREDICTION (December 27) – Avax’s Finds Support, Pauses Correction Amid Fresh Increase
Avax has paused its correction amid a fresh increase after witnessing a small recovery earlier this week. Although the market sentiment remains bullish from a long-term perspective, there is currently no sufficient buying volume to sustain the upward momentum.
Since the start of the month, Avax has experienced a series of downward movements, resulting in a weak daily outlook. However, considering last week’s sharp rejection at $33, which represents a 50% correction from where the market initially dropped earlier this month, the price managed to recover slightly before being rejected at $42.
A continuous price decline may lead to a broader correction down to the breakout level seen last month, potentially providing a significant discount. Failure to bounce back from there could result in substantial losses until support is found. Nevertheless, from a technical standpoint, Avax may resume its bullish trend anytime soon, with a double-bottom pattern potentially forming above last week’s low.
If this setup plays out, we can anticipate another increase in the market. As it stands, there is still hope for the bulls.
Key Levels to Watch:
* Resistance: $42, $48.1, $55.5
* Support: $33.6, $29.9, $23.9
If the bulls fail to defend last week’s low effectively, the price may break through the $33.6 level down to the $29.9 mark. Lower support levels to consider for a test are $27 and $23.9.
On the other hand, a rebound from the current trading level could propel recovery back up to the $42 resistance. The higher levels to consider for another surge would be $48.1, followed by $55.5.
Source: nulltx.com
