Technical Analysis of AVAX/USDT -
Ready to Break the Resistance of $20?
Summary:
AVAX has shown significant recovery, approaching the key resistance level of $20. This level has acted as an obstacle on multiple previous occasions.
Technical Indicators:
RSI (14): Currently at 50.91, indicating neutral market conditions.
MACD: Mixed signals, with the possibility of a bullish crossover if momentum continues.
Key Support: $19.68 Level where AVAX has shown consistent bounces.
Immediate Resistance: $21.16 - Zone that has acted as a ceiling on multiple occasions.
Observations:
If AVAX manages to close above $20 with
significant volume, we could see a bullish move towards $23 or even $26. However, a rejection at this level could lead to a correction towards the support at $19.68.
Personal Strategy:
I am closely watching the price action around $20. A convincing breakout with volume could be a signal to enter a long position. On the other hand, a rejection could present an opportunity for a short-term short position. CCN
What do you think?
Do you believe that AVAX will surpass the resistance of $20 this week? Share your analysis or questions in the comments. CCN
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Technical Analysis
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