Tech Analysis
/AVAX Technical Analysis

AVAX Technical Analysis

Jun 1, 2023
AVAX Technical Analysis

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. Users can get AVAX for fiat or crypto on SimpleSwap.


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.

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.

The information in this article is not a piece of financial advice or any other advice of any kind. The reader should be aware of the risks involved in trading cryptocurrencies and make their own informed decisions. SimpleSwap is not responsible for any losses incurred due to such risks. For details, please see our Terms of Service.

Share on:

Latest updates