$AVAX AVAX Long Liquidation: $69.4K Cleared at $27.78 – What’s the Next Move for This Coin?

In a surprising turn of events, AVAXUSD-PERP saw the liquidation of $69,400 in long positions at $27.78, underscoring the market’s volatility and the inherent risk of trading on leverage. As this price point marks a significant drop, it has caught many traders off guard, sparking concerns about the sustainability of recent gains. This sharp correction serves as a reminder of how swiftly the tide can turn in the crypto markets.

AVAX Market Outlook: Key Levels to Watch

$AVAX For AVAX to regain upward momentum, it must first stabilize above the $27.00 mark. If support at this level holds, a potential bounce towards $30.00 could be in play, with the next resistance zone lying near $32.00. However, failure to hold $27.00 could lead to a deeper correction, with key support at $24.00 and $22.50 offering the next potential levels of interest.

Traders should carefully watch the price action over the next few days. If the price shows signs of consolidation and a sustained move above $27.50, there could be a solid opportunity to re-enter for a continuation higher. For now, it’s important to wait for confirmation of a stable trend before taking any major positions, as AVAX could still face increased volatility in the short term. Risk management will be key for those considering re-engaging in this market.

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