AVAX Technical Analysis 2024

As of writing, AVAX holds the 9th position on CoinMarketCap ranking with a market cap of $21,424,442,521. 

AVAX Technical Analysis

After a long accumulation phase, AVAX has started to show strong growth, updating both minimum and maximum price values. On the chart for the last few days, an uptrend can be clearly observed, which acts as support for prices.

At the moment, the main interest of market participants is concentrated around the price of $43.06, which is confirmed by the POC level. The local maximum of the price was reached at $65.49, which became a resistance zone. Now AVAX is correcting, having fallen to $55.65, which is more than 15% of the maximum. It is important to note that during the correction, vertical trading volumes increase. Which is also a positive point.

AVAX Price Prediction

Taking into account further prospects, two possible scenarios can be distinguished.

In the first scenario, where the asset price will continue its correction to the POC level, we can expect this level to play the role of support. Once this level is reached, many traders may decide to use it as an opportunity to exit short positions or even to open new long positions, which would lead to an increase in demand and therefore a rebound in price.

Such a rebound can be fueled by increased trading activity and liquidity collected. With demand increasing and supply decreasing, the price of the asset may start to rise, breaking previous highs and heading towards new target levels.

In the second scenario, where the asset remains in the current price range in order to accumulate positions to continue the movement, the situation may be more unpredictable. In this scenario, participants may continue to make deals within the existing price range, waiting for possible signals to open new positions.

In such a situation, false exits both up and down may occur, which may create additional difficulties when making trading decisions.

Users can buy AVAX for fiat or crypto on SimpleSwap.