AVAX Technical Analysis: May Sale
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Given the mood in the cryptocurrency market and the sharp BTC price fall, the probability of a continued fall is quite high. So keeping your limited purchase orders in the $35-$37 range is a good idea in our opinion. However, investing in AVAX, it should be understood that the prospect of falling below $37 exists. Dividing the deposit to invest in AVAX should be divided into several parts. Below $37, the next limit purchase order should be in the $20 range. We doubt that sellers will be able to lower the AVAX price below $20 without a global medium-term correction and price rebound.
Technical Analysis Of AVAX On The Daily Timeframe
Analyzing the movement of the AVAX price on the daily timeframe, you can see the beginning of the end of the fall wave from 5 April. The acceleration of the price fall since 5 May and the increase in trading volumes indicates the formation of a foothold for the culmination of sales and entry into the reversal phase. The daily candle from 9 May lowered the AVAX price by 20%. We see that on 10 May, buyers showed their presence and are trying to change the situation on the market in increased volumes.
Though, in our opinion, after such a long downward trend, the probability of the AVAX price reversing with a few candles is unlikely. It is likely that sellers will continue to press on the price. However, we do not expect such a rapid and aggressive decline. If we see that the AVAX price will fall in the form of consolidation with constant rebounds - this will be a signal to aggressively buy cryptocurrency in the range of $37. The first medium-term target is $54. The final price is $70.
The AVAXBTC Price Has Reached The Global Trend Line Of Buyers
AVAXBTC weekly timeframe shows that the probability of a global reversal of the cryptocurrency is quite high. In the entire history of AVAX, the AVAXBTC price has only touched the global red trend line of buyers three times. And the third time happened on May 9, 2022. From the aggressiveness of the rebound, it will be possible to predict whether the global growth trend of AVAX will collapse, or whether this is the beginning of a new global growth wave.