After correcting by over 20% in over a month, Avax finally found solid ground and established support. As the demand level rises, it shows signs of strength following a bounce back this week. Avax ended a five-week correction with a double-bottom pattern after staying above $32 this week. Because of the hold, this price level is now considered base support on the daily chart. The bulls acted upon that, and as we can see on the daily chart, the bullish pattern is interestingly playing out well as they have gained control of the market since the start of this week. A further surge in volatility should strengthen the market and bring more growth. However, the latest surge has yet to confirm a breakout. A strong push above the previous monthly high should validate a break, which could lead to a mega rally in the near term. There’s nothing much to expect from the bears, as they are currently off the market. If they manage to step back in, we may see a drop. Still, the price must break below the monthly low before confirming a continuation. But following the latest positive sentiment surrounding the entire market lately, there’s no room for selling. The bulls will likely have an upper hand in the future. Avax’s Key Level To Watch Source: Tradingview The potential obstacle for buying right now is the $45 resistance level. If the bulls overcome, they may face resistance at $50 before reclaiming the $55.5 resistance, where a major breakout lies. Currently, there are no signs of bears in the market. If they intercept the latest buying, the support level to watch for a pullback is $38. Failure to bounce off it could result in a dip to $33.6 and potentially $30.6. Key Resistance Levels: $45, $50, $55.5 Key Support Levels: $38, $33.6, $30.6 Spot Price: $40.9 Trend: Bullish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: ivanbabydov/ 123RF // Image Effects by Colorcinch
