AVAX Eyes Recovery but Faces Key Resistance Levels
Key Takeaways
- AVAX has been in a downtrend since January.
- A bullish divergence suggests a possible recovery.
- Key resistance levels are at $24.24 and $26.54.
- A decline to $19.70 is also possible.
AVAX in a Downtrend – Is a Trend Reversal Coming?
The price of Avalanche (AVAX) has been steadily declining since January. After falling below the $35 level, the downtrend continued. Currently, the price is hovering around the $20 mark, which serves as a strong support zone.
However, the market structure remains bearish. Only if AVAX forms higher highs and higher lows could the outlook change.
Technical Indicators Show Bullish Divergence
Technical analysis provides an interesting signal: While AVAX has reached new lows, the MACD (Moving Average Convergence Divergence) is showing higher lows. This bullish divergence suggests a potential recovery.
Nevertheless, this signal alone is not enough to reverse the downtrend. A sustained rise above the resistance levels at $24.24 and $26.54 would be necessary.
Key Support and Resistance Zones
The next relevant price levels are:
- Support: $19.70 – a significant level from November 2023.
- Resistance: $24.24 – near the 20-day moving average.
- Strong Resistance: $26.54 – a crucial area for a trend reversal.
If AVAX falls below $20, a further decline to $19.70 could follow. Conversely, a rise above $24.24 could trigger a move toward $26.54.
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Liquidation Data and Market Movements
Data from Coinglass shows that many liquidation levels are around $27.40. This could act as a magnet for the price if a recovery begins.
On the downside, there is also a concentration of liquidations around the $20 level. If Bitcoin (BTC) declines again, it could pull AVAX further down.
Our Assessment
AVAX remains in a downtrend. The bullish divergence could lead to a short-term recovery, but a sustained trend reversal has not yet been confirmed.
Key resistance levels must be broken before a genuine recovery can be considered. Traders should closely monitor price movements and assess potential risks.
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