In this analysis, I want to review the AVAX coin for you. It’s one of the popular crypto projects, with a market cap of $9.93 billion, currently ranked 18th on CoinMarketCap.
⏳ Daily Timeframe
On the daily timeframe, after AVAX was supported at the 16.46 zone and broke the 18.77 trigger, it made a bullish move up to the 26.59 high. With the break of 18.77, we could have opened a long position.
💥 There is a Maker Seller zone near the 26.59 area. This is a very important zone, and breaking it can lead to the start of the main bullish trend of AVAX.
🔔 If the 26.59 zone is broken with a trigger, I will open a long position. The first target on AVAX is 35.06, and before this area, there aren’t any major resistances.
📈 If the price does not make a lower low below 20.82, the probability of breaking 26.59 increases and the next bullish move will be easier to form.
✔️ However, if the price stabilizes below this zone, the 26.59 trigger is still valid, but we will probably have more attractive entry points. In that case, I will update the analysis for you and share those entry points.
🔽 For a short position, the first logical trigger in my opinion is breaking 16.46. Although it is far from the current price, this area is the bottom of the box, and its break could start a new bearish trend.
📝 Final Thoughts
Stay calm, trade wisely, and let's capture the market's best opportunities!
This analysis reflects our opinions and is not financial advice.
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