Ongoing Downtrend: AVAX coin price has trended lower, experiencing a 19% drop under a strong resistance trendline.
Broken Support & Fibonacci Level: A break in crucial support trendline and the 61.80% Fibonacci level highlights a rise in selling pressure.
19.24% Below Swing High: The AVAX price is significantly below the previous swing high of $15.59, resulting in lower high formations.
Challenges at $12.87: Buyers failed to hold prices above $12.87, testing bullish dominance at the 78.60% Fibonacci level at $12.13, but managed a bounce back.
Recent Price Movement: AVAX prices are up by 1.55% in the last 24 hours, continuing to challenge the resistance trendline.
Mixed Technical Indicators: The Stochastic RSI indicates potential reversal, moving towards oversold territory, but MACD lines show a bearish crossover.
Potential Outcomes:
Optimistic Scenario: If recovery breaks the resistance trendline, AVAX prices could reach $14.
Pessimistic Scenario: A breakdown of the 78.60% Fibonacci level at $12.13 might result in an 8% fall to $11.19.
Broken Support & Fibonacci Level: A break in crucial support trendline and the 61.80% Fibonacci level highlights a rise in selling pressure.
19.24% Below Swing High: The AVAX price is significantly below the previous swing high of $15.59, resulting in lower high formations.
Challenges at $12.87: Buyers failed to hold prices above $12.87, testing bullish dominance at the 78.60% Fibonacci level at $12.13, but managed a bounce back.
Recent Price Movement: AVAX prices are up by 1.55% in the last 24 hours, continuing to challenge the resistance trendline.
Mixed Technical Indicators: The Stochastic RSI indicates potential reversal, moving towards oversold territory, but MACD lines show a bearish crossover.
Potential Outcomes:
Optimistic Scenario: If recovery breaks the resistance trendline, AVAX prices could reach $14.
Pessimistic Scenario: A breakdown of the 78.60% Fibonacci level at $12.13 might result in an 8% fall to $11.19.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.