- AVAX breaking the $9.66 resistance on the 3-hour chart could indicate the start of an uptrend.
- On the daily chart, weekly closes above $9.32 are signaling buying positions for large whales and are seen as an important level for the start of an uptrend.
- Investors should carefully consider their risk management strategies and set stop-loss levels before buying AVAX.
When examining AVAX’s 3-hour technical chart, it can be observed that there was a retest movement near the $9.66 resistance, but then a decline occurred again. If the AVAX price achieves 4-hour candle closes above the mentioned $9.66 resistance as indicated in the analysis, it may have the potential to regain the uptrend.
MID-TERM AVAX ANALYSIS
Daily AVAX/USD Price ChartWhen examining AVAX’s daily technical chart, it can be seen that the recent decline led to the weekly support zone and triggered buying positions for large whales.
If the AVAX price achieves weekly closes above $9.32, it can initiate the upward movement from this level and potentially rise towards targets such as $10 and then $12. Therefore, if AVAX whales manage to maintain a price above $9.32, the uptrend may begin.
For spot investors considering buying AVAX, they can create stop-loss strategies against weekly closes below $9.32. However, weekly closes below $9.32 may indicate a desire for the continuation of the downtrend.
SHORT-TERM AVAX ANALYSIS
When examining AVAX’s 3-hour technical chart, it can be observed that there was a retest movement near the $9.66 resistance, but then a decline occurred again. If the AVAX price achieves 4-hour candle closes above the mentioned $9.66 resistance, it may have the potential to regain the uptrend.
If AVAX surpasses $9.66 and manages to maintain this level as support, it can aim to continue its rise towards $9.80 first and then $10. If the AVAX price achieves 3-hour candle closes above $10, its next target can be as high as $10.56.
However, if the AVAX price fails to hold above $9.66, it may continue the downward trend. Therefore, it may be more prudent for AVAX investors to wait for candle closes above $9.66 before opening long positions.
