AVALANCHE PRICE ANALYSIS & PREDICTION (April 4) – Avax Advance Selling After Rejecting $20, Eyes Recent Low
As Bitcoin took a downturn last week, several altcoins followed suit, with Avax posting a major loss in the past few days. This ushered the bears back into the market as they aim to reclaim the monthly low.
Last month saw the bulls through a relief following a notable recovery from $15. However, things are heating up from the bears’ side as the market failed to push above the $20 level yesterday.
Following this sudden drop, Avax is now trading at $18 with no sign of slowing down. A bearish weekly close could fuel a bigger drawdown in the coming week. A crack below March’s low could fuel a serious dip to a new yearly low before rebounding.
If the mentioned monthly low bolsters well, we may see a fresh bullish move with a double-bottom formation. That could lead to a reversal. But as it stands, the bears are back, and from the look of things, they are likely to release more pressure in the coming days due to rising supply.
That said, Avax’s overall structure is still considered bearish from a mid-term perspective. Its lower low and lower high movement will likely continue. Considering bullish, there are currently no signs of buy. An increase above the previous monthly high should signal a reversal.
Avax’s Key Level To Watch
Avax looks set to reclaim March’s low of $15.2 amid the latest dip. If the price slips below this low, it may plunge to $12.5 and $10.
The $19.85 and $22.5 levels are now serving as resistance. Reclaiming them could fuel a surge to the $27.2 level. The higher resistance level to watch is $30.
Key Resistance Levels: $19.85, $22.5, $27.2
Key Support Levels: $15.2, $12.5, $10
- Spot Price: $18
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.
