AVALANCHE PRICE ANALYSIS & PREDICTION (March 6) – Avax Jumps 5% in The Latest Increase, But Bearish Trajectory Remains Intact
Today marks another impressive recovery in altcoins as Avax’s volatility shrinks with choppy price actions. However, it has posted a minor gain but remains bearish as it slowly recovers.
Avax’s bearish momentum appeared to be reaching an exhaustion point on the daily chart as the volatility continues to drop with choppy price actions. It found a temporal support but is yet to show signs of bullish.
These choppy price actions started after rejecting $21 last month. As we can see, the bears have struggled to sustain pressure ever since. Their weakness may bring an end to this selling phase if the buyers take advantage of it.
Having provided a notable discount in the short-term scale, the bulls have shown interest in the past few hours, but their commitments are not strong enough to put them back on track.
If the bulls reclaim the previous weekly high, they will likely face more obstacles on the way up. The pivot level to keep an eye on is $28. Once they scale through it, we can expect a significant change in the trading levels.
Not forgetting, the bears are still in control. If they continue to mount pressure, the price will keep dropping until it finds a solid level to foot an increase. From a technical standpoint, the bulls will likely take charge soon.
Avax’s Key Level To Watch
For now, the $18.84 level is still providing support. If the price collapses again, the lower price level to keep in mind would be $17.3. Below it lies $15.
Even if Avax reclaims last week’s $25 high, it must surpass the $28.7 resistance level before considering a shift. Higher resistance levels to watch for tests are $33.8 and $42.
Key Resistance Levels: $25, $28.7, $33.8
Key Support Levels: $18.84, $17.3, $15
- Spot Price: $21.9
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.
