Technical Analysis of AVAX: Important Levels to Watch - Latest cryptocurrency news

Technical Analysis of AVAX: Important Levels to Watch

The technical analysis of AVAX is of critical importance, especially for futures traders. At the time of writing, AVAX is trading at $22.25. What does the technical analysis suggest for AVAX? Let’s take a detailed look at the charts and important support/resistance levels.

The first notable formation on the two-hour AVAX chart is a triangle that broke the resistance line on December 1st and continued its upward movement. AVAX has been consolidating in a narrow range in recent candle closes, which will determine its potential support or resistance breakout.

Technology & Populer Science News:

The most important support levels to watch on the two-hour AVAX chart are $22.06, $21.56, and $20.70, respectively. A candle close below $22.06 could expose AVAX to selling pressure in the short term. However, if the candle does not close below the EMA 200 level at $21.13, a bullish scenario can be considered for AVAX.

The critical resistance levels on the two-hour chart for AVAX are $22.50, $23.05, and $23.75, respectively. A candle close above $22.50, especially after the recent rally, will give momentum to AVAX.

In the weekly AVAX/ETH chart, a downward trend has been ongoing since July, but after a retest, AVAX/ETH continues to gain momentum. AVAX gaining momentum against Ethereum can bring back the competition seen among Layer-1 ecosystems in 2021.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
You can follow our news on Telegram, Twitter ( X ) and Coinmarketcap