๐ Avalanche (AVAX) Market Analysis โ Breakout or Range-bound? ๐
Avalanche (AVAX) has seen significant volatility recently, with a sharp drop following last week's bullish momentum. The question now: Will AVAX break out or remain in range?
๐น Key Market Insights:
โ Strong Performance Last Week โ AVAX was one of the top gainers.
โ Recent Drop Resembles an Inverted "V" โ A sign of exhaustion?
โ Volume Up 8.4% โ Still relatively high compared to previous months.
โ Fundamental Catalyst: AVAX-based GUN launch on Binance provided some bullish sentiment.
๐น Critical Resistance & Support:
๐ธ Resistance: $19.7 - $20.0 โ Key breakout zone with 30-day VWAP resistance.
๐น Support: $18.5 - $19.0 โ Holding this could keep AVAX stable.
๐ Whatโs Next?
๐น If AVAX breaks above $19.7 with strong volume, expect a bullish run toward $21-$22.
๐น If rejection occurs, AVAX is likely to stay in range ($18.5 - $19.7) for now.
๐น Caution: With key macroeconomic events tomorrow, a breakout remains uncertain.
โ ๏ธ Final Thoughts:
Traders should wait for confirmation before entering long positions. If AVAX breaks above $19.7 with strong volume, a rally is likely. Otherwise, expect consolidation within the current range.
๐ Stay tuned & trade wisely!
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