Avalanche (AVAX) is trading around $21.83, showing signs of consolidation after recent volatility. Here's a detailed trading setup based on current technical indicators and market sentiment:โ
๐ Technical Overview
Current Price: $21.83
24h Range: $21.72 โ $22.75
Key Support: $21.50
Key Resistance: $23.00โ
$AVAX is currently trading in a tight range between $21.50 and $23.00, indicating a potential breakout scenario. The price action resembles a coiling pattern, building pressure for a significant move. โ
๐
Scenario 1: Support Bounce
Entry Point: Around $21.50
Stop-Loss: Below $21.00
Target 1: $23.00
Target 2: $24.50โ
Trade Setup
Scenario 2: Bullish Breakout
Entry Point: Above $23.00
Stop-Loss: Below $22.50
Target 1: $25.00
Target 2: $27.00โ
Scenario 3: Bearish Breakdown
Entry Point: Below $21.00
Stop-Loss: Above $21.50
Target 1: $19.50
Target 2: $18.00โ
๐ Indicators & Sentiment
RSI (14): Neutral (~62)
MACD: Slight bearish divergence
Market Sentiment: Neutral to slightly bullishโ
Technical indicators suggest a neutral stance, but the coiling pattern indicates a potential for a significant move. Traders should watch for a breakout above $23.00 or a breakdown below $21.50 for directional cues. โ
๐ง Final Thoughts
AVAX is at a critical juncture, with price action suggesting an impending breakout. Traders should monitor key support and resistance levels closely and be prepared for increased volatility. As always, ensure proper risk management and stay updated with broader market trends.โ
Buy and trade $AVAX here
