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AVAX Price Forecast: It Could Start Its Rise from Critical Support!

  • The hourly chart analysis of AVAX shows that it is moving below $10.26.
  • Breaking the $10.56 resistance could take the upward trend to $11 levels.
  • The nearest support levels are $10.13, $10.01, and $9.89; if the price receives a strong buying response at these levels, an upward movement may begin.

The hourly technical analysis of AVAX indicates a movement below $10.26. Closures above $10.56 support the upward movement, while closures below $9.89 can accelerate the downward trend. On the daily chart, closures above $10 increase the likelihood of continuing the upward trend, while closures below $10 can target the weekly support level of $9.32.

Medium-Term AVAX Price Analysis

Daily AVAX/USD Price Chart
Daily AVAX/USD Price Chart

When examining the daily technical chart of AVAX, it is emphasized that the price needs to close above certain levels on a daily basis in order to initiate the upward trend. The nearest support level is determined as $10, and if the price remains above this level, there is a possibility of continuing the upward trend.

However, if AVAX experiences a sharp drop below $10 in the coming days and closes below $10 on a daily basis, it is recommended for investors to review their positions. If the price closes below $10, the downward trend can extend to the weekly support level of $9.32.

A strong buying response from the $9.32 level is of great importance in terms of restarting the upward trend. If the price starts to rise from the mentioned support levels, the first target is indicated as $11.02. If the price can close above $11.02 on a daily basis, the next target is seen as $12.30.

From Which Level Can AVAX Initiate Its Rise?

1 Hourly AVAX/USD Price Chart
1 Hourly AVAX/USD Price Chart

When examining the hourly technical chart of AVAX, it is observed that the price is moving below $10.26. Currently, AVAX is trading around $10.219. If the price can close above $10.26 on an hourly basis, it may aim to continue the upward trend up to $10.56 levels.

Breaking the $10.56 resistance and closing above it on an hourly basis can take the upward trend to $11 levels. Therefore, candle closures above $10.56 are important.

The nearest support levels are $10.13, $10.01, and $9.89. If AVAX receives strong buying responses at these support levels, it can initiate the upward trend from these areas. However, if the price closes below $9.89 on an hourly basis, the downward movement can extend to $9.658 levels.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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