๐ Trend Overview
- AVAX has been in a clear downtrend since mid-May,
- steadily declining from ~$27 to the current ~$18.
- Multiple lower highs and lower lows are evident, confirming bearish market structure.
๐ Price Action
- Price is currently testing a key support zone around $17.50โ$18,
- near previous consolidation zones (seen in April and February).
- Candle body sizes are shrinking, indicating momentum loss from sellers.
๐ Volume
- Volume is declining slightly, even during the downtrend, which may suggest selling exhaustion.
- No major bullish spike yet โ so no confirmation of accumulation.
๐งฎ WaveTrend Oscillator (WT_CROSS)
WT Oscillator is:
- In deep oversold territory (below -50).
- Close to printing a green dot or crossing up, signaling a potential bullish reversal.
- The crossover isnโt completed yet โ but worth watching in the next few days.
โ ๏ธ Key Levels
- Immediate Support: ~$17.80 to $14.60 (historic demand zone).
- Resistance to Watch: ~$20.50 (first test zone), then ~$22.60.
โ
Bullish Signs
- Oversold oscillator with near crossover = possible bounce setup.
- Strong historical support zone โ price may stabilize here if buyers step in.
- Heikin Ashi candles showing small-bodied red candles = possible trend weakening.
๐จ Bearish Risks
- No bullish divergence or confirmation yet โ WT signal not fully formed.
- If support around ~$17.50 fails, next stop could be $14.50โ$15.00 area.
- Still in macro downtrend โ any bounce could just be a lower high retracement.
๐ Conclusion
AVAX is showing early signs of bottoming out, but not confirmed yet.
If you're a short-term trader, watch for:
- WT bullish crossover
- Bullish candle confirmation (e.g. engulfing or hammer)
- Volume spike on green days
For investors: cautiously accumulate only if price respects this support and macro sentiment improves.
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Disclosures:
This analysis is for informational purposes only and is not financial advice. It does not constitute a recommendation to buy, sell, or trade any securities, cryptocurrencies, or stocks. Trading involves significant risk, and you should consult with a qualified financial advisor before making any investment decisions. Past performance is not indicative of future results.