With expectations of a pullback to previous resistance established last week, the $AVAX chart as charted by @Avalanche_CN and analysed with #SocialMining was proved correct. It has been used as a place to find a temporary floor following the exhaustion in the upward movement indicated by a double-top pattern.
An action like this demonstrates buyers are active, yet the rebound does not have the power to vindicate a trend reversal. This support may be retested without a change in the broader markets sentiment and lower levels are yet to be on the table. The behavior of the price in forthcoming sessions would be very important in establishing whether this defense would hold or whether selling pressure would be enough to make a breakdown.
In case the market shifts to the more buyer-friendly state the immediate resistance areas are the higher ones. A close above these areas would indicate a structural high and possible trend to new heights in the medium term.
Such important levels do not only play the role of trade trigger in the framework of @DAO Labs #SocialMining approach but also indicate the sentiment and participation in the community. This renders the recent market activity with respect to $AVAX quite timely, by any given standards, among traders and network contributors wishing to match technical architecture with practical presence in action.
