AVAX Holders Brace for a Bullish Turnaround? 14% Drop Raises Questions Avalanche took a hit last week, with its value dropping alongside the broader crypto market. But could this dip be a precursor to a potential bull rally?
Bleeding Value: AVAX suffered a
14% decline in the past seven days, with a
2% drop in just 24 hours. Currently trading at $46.75, it holds the 10th spot among cryptos.
Flipping Resistance: Despite the bearish trend, there's hope on the horizon. If AVAX can turn its
$64.5 resistance into solid support, there's a chance for a bullish upswing, says Crypto Tony.
Indicators Favor Bulls: While the MACD shows some bearishness, other indicators like the MFI and RSI are showing signs of recovery and increased buying pressure.
Candlestick Clues: The latest green candlestick at the lower Bollinger Band suggests an upward move may be in store for AVAX.
Hurdles Ahead: Short-term resistance lies before AVAX can reach that crucial $64.5 level, with liquidation pressure expected around $48.9.
Sentiment Still Shaky: Despite some positive signals, AVAX's weighted sentiment remains low, indicating lingering investor caution.
While nothing is certain in the volatile world of crypto, AVAX holders are keeping a close eye on these key levels and indicators as they hope for a bullish turnaround.
Disclaimer: This is not financial advice. Always do your own research before making any investment decisions.
