AVAX Technical Analysis 2023
Key Insights
- AVAX has shown strong growth in 2023, rising over 116% before a 23% correction to the POC level.
- After rebounding from the POC, AVAX met resistance at $21.27 and broke below the POC level to the current support level of $14.17.
- If the support level remains the same, AVAX may retest POC and resistance levels at $21.27, with targets at $26 and $30 if these levels are surpassed.
As of writing, AVAX holds the 16th position in the CoinMarketCap ranking with a market cap of $4,867,261,173. Let's analyse the daily timeframe of the AVAX coin price chart.
AVAX Daily Timeframe
AAVE is one of the most popular and successful DeFi projects. Since the beginning of 2023, the coin has shown a strong upward movement, rising from $10.54 to $22.86, a growth of over 116%.
However, it experienced a correction of more than 23% to a volume level called POС (Point of Control). From the POС level, there was a rebound and an attempt to break above it.
At $21.27, a resistance level formed, leading to a price reversal and a subsequent break of the POС volume level, dropping to $14.17. The $14.17 level now acts as support.
Currently, the coin is trading around the $14.16 support level.
AVAX Price Prediction
This situation requires attention as a significant drop may occur if it falls below this level.
If the bulls manage to hold the $14.17 support level, we can expect a move towards the POС volume level, which will be the first major obstacle for price growth. After consolidating and breaking above the POС level, the next target will be the $21.27 resistance level. However, surpassing this level may prove to be challenging for buyers.
Nonetheless, a breakthrough would pave the way for reaching $26 and $30.
Users can get AVAX for fiat or crypto on SimpleSwap.
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