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AVALANCHE PRICE ANALYSIS & PREDICTION (January 3) – Avax Joins Altcoins Recovery with A 10% Daily Gain, Signals Fresh Increase
After witnessing a significant contraction for a few days, Avax has initiated a surge yesterday and resumed buying. At the moment, the pressure is relatively low, but we can expect substantial price movement when volume increases. The past week’s trading was uneventful for many traders as Avax entered a serious but brief consolidation mode due to volatility shrinkage. However, things have taken a positive turn amidst rising volume over the past 48 hours, and as observed on the daily chart, the crypto is gradually climbing back with a surge to the $40 level – which is currently being rejected.
This resurgence occurred after mounting support above the $33 level during last month’s correction. From a technical standpoint, it appears that the correction has ended on the daily chart. A full recovery to the top should bring the bulls back in control. However, for now, demand seems low. If the asset loses its grip again, Avax may resume the correction until finding a solid foundation.
Currently, the crypto shows no signs of weakness on a daily scale as the bulls remain committed to the price. While volume is slowly returning to the market, a break above the previous high could feature an even larger upward rally in the coming days.
Avax’s Key Levels To Watch
The $42 level represents an immediate resistance to monitor in the latest surge. An increase beyond this level could bring about additional recovery to the $48.1 and $55.5 levels with a potential breakout. Apart from the $33.6 level, which served as support during last month’s downturns, Avax currently trades above $39.
If the mentioned support level fails to hold, lower levels for potential drops would be $29.9 and $23.9.
Key Resistance Levels: $42, $48.1, $55.5
Key Support Levels: $33.6, $29.9, $23.9
Source: nulltx.com
