$AVAX traders and members of the @Avalanche_CN community have been following price changes with keen interest over the past few days, posting analysis and discussion in forums and analysis threads under the umbrella of the hashtag #SocialMining . Such joint observances are evidence that the price of $AVAX, having reached a strong resistance zone last week, experienced pressure to sell. Community-based graphs and sentiment summaries show how past resistance points are currently being utilized as support points indicating the power of group market surveillance in Social Mining.
The pullback has taken AVAX to these support regions this past week, and it seems to be starting to accumulate. A token being able to stabilize at previous resistance-now-support levels is a common indication of market consensus and co-ordinated buying behavior among traders, which is recorded and discussed in documents and discussions provided by Social Mining contributors. Observers find that should AVAX continue with this phase of consolidation, then it might seek to retest higher levels of resistance.
Technical analysis suggests possible retracement areas below current support which could be the same as the green areas frequently associated with the community-led charts. Such insights enable the participants to visualize potential points of corrections without depending on hypothetical direction. The interaction of the resistance, support, and accumulation stages has demonstrated the significance of mutual analysis and open charity work on data, which is the key element of the ethos of #SocialMining.
To conclude, the most recent trends in AVAX highlight the importance of knowledge-sharing and the decentralized market observation. Collectively monitoring the price behavior, the community develops a deeper insight into the possible flows of the market, which is the Social Mining at work.
