Because $AVAX is now testing a key resistance level, #AVAX moves into a crucial technical phase according to #DAOLabs ’ #SocialMining approach. Last week’s prediction that a rally at these levels was likely came true when the price broke through its support.
Such a bounce is a regular sign of a constructive trend when the market keeps stable. What grabs my attention is the stock hitting a former resistance zone. If the current downside move changes to support, price action could grow to aim at higher areas. If the confirmation doesn’t take place above this level, it might result in the price returning to old supports, when market liquidity is low.
For Social Miners who keep an eye on @Avalanche_CN , this price level is a perfect example of a major shift. Logging these price movements can find out if this level formed a continuation pivot or only marked a temporary stop. We can check these signs in $AVAX to judge market health and risks in the decentralized space.
