The recent Bybit hack has disrupted the crypto space since yesterday as the global market dropped 3%. Few altcoins have bounced back from the sharp decline, but Avax remains weak as it lost roughly 2% today. Avax’s bearishness has temporarily faded since it bounced back from a two-month low a few weeks ago. The price is currently stuck at around $18 in a consolidation mode, gathering momentum for the next phase. However, the crypto landscape could change positively soon following days of increase, although the price turned red yesterday as Bitcoin’s price nosedived sharply to its recent trading area. This came following a negative sentiment surrounding the crypto space lately. In the middle of that, the price has increased slightly today and is now looking poise for a surge following a quick buyback overnight. More recoveries can be expected if the demand level rises. Losing momentum might cause more havoc as it may extend bearishness in the future. $20 would be its next target if that happens. Having provided a sizable discount in the past months of drops, we can anticipate a positive action anytime soon. Such a scenario should bring the bulls back in the market. But currently, Avax looks indecisive. Avax’s Key Level To Watch Source: Tradingview If the bulls act upon the current surge, the price may increase towards the immediate $27.2 resistance. The higher resistance level to keep in mind is $31.9 along with the $38 level. Advancing bearish, Avax must reclaim the $24 level – sited above the monthly support. A drop off this support could cause a crash to $21.2 and potentially $17.3 in the future. Key Resistance Levels: $27.2, $31.9, $38 Key Support Levels: $24, $21.2, $17.3 Spot Price: $25.8 Trend: Bearish Volatility:Moderate 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: inueng/ 123RF // Image Effects by Colorcinch
