AVAX Stabilizes Between $15-$23 Amid Cautious Outlook
Key Takeaways
- The price of Avalanche (AVAX) is showing signs of bottoming out.
- Technical indicators suggest potential stabilization in the $15 to $17 USD range.
- A break below $14.50 USD could trigger another downward move.
- Liquidation data indicates short-term targets between $16.74 and $18.18 USD.
Current Price Development of AVAX
In recent weeks, Avalanche (AVAX) has seen a noticeable slowdown in its downward trend. While the price was under significant pressure in January and February, AVAX is currently moving sideways in a range between $15 and $23 USD. This development may indicate the beginning of a consolidation phase – a typical pattern following a prolonged downtrend.
Technical Analysis: Support Zones and Resistance Levels
Analysis of the daily chart shows that the price recently dropped to $14.66 USD – just below the previous low of $15.27 USD from March. An important insight comes from the so-called Volume Profile: it shows that trading volume is concentrated mainly between $15.4 and $39.3 USD. The Point of Control (the price level with the highest volume) is at $18.70 USD – currently a significant resistance level.
The zone between $15 and $17 USD is considered a critical support area. If AVAX falls below $14.50 USD, a further price decline is likely. However, if buyers manage to defend this zone, it could form a base for a potential recovery.
Liquidation Data Suggest Short-Term Price Targets
A look at the liquidation map over the past 30 days shows that long positions (bets on rising prices) have been liquidated more frequently than short positions. These liquidations are concentrated at price levels of $18.18, $17.76, and $16.74 USD. It’s possible that the price may target these levels in the short term to gather liquidity before a potential reversal occurs.
Above $18.24 USD, there are additional clusters at $19 and $20 USD. These zones could act as resistance levels during a recovery and may trigger another downward movement.
Macroeconomic Factors and Market Sentiment
An external factor that provided short-term relief was the announcement of a 90-day tariff suspension program by former U.S. President Donald Trump. This news led to a general recovery in the crypto market: Bitcoin rose by 7%, and AVAX gained 10.3%. However, whether this development will be sustainable remains uncertain – overall market sentiment remains cautious.
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Our Assessment
The current price movement of Avalanche suggests a potential bottoming formation. The zone between $15 and $17 USD is crucial – it will determine whether AVAX enters a stable sideways phase or continues to lose value. Technical indicators such as the Volume Profile and liquidation data provide important clues for short-term movements. For traders and investors, it is advisable to closely monitor these support and resistance levels.
In the long term, it remains to be seen whether market sentiment will improve and whether AVAX can benefit from a broader market recovery. Those who are invested in AVAX or considering entering should closely follow price developments in the coming weeks.
Sources
- TradingView
- Coinglass
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