AVAX Technical Analysis: The Reversal Time Has Come
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At the time of writing, the AVAX price has not even tested the basic liquidity range of $12. It was from this range that the price journey with the ultimate goal of $ 147 began a year ago. The weekly candle from 20 June closed green, so above the opening price. The first signal of price inhibition by buyers, where the result is noticeable. Though, the aggression of the price rebound indicates the lack of strength of buyers from this range.
In our opinion, the AVAX price has a high chance to continue the downward trend to the range of $12, but not as aggressive and confident as before. If buyers are unable to take control of the $24 mark during the current local rebound, expect a tedious slow AVAX price fall with deep upward corrections. We definitely recommend buying AVAX from the $12 range. If the AVAX price is fixed above $24, it will be possible to buy more cryptocurrency with minimal risks. In this scenario, we expect AVAX to continue to grow to at least $54.
AVAX Technical Analysis On The Daily Timeframe
Analyzing the AVAX price movement on the daily timeframe, you can see a reduced copy of what we expect in the weekly timeframe. After an aggressive phase of fall during April - May 2022, the AVAX price moved to another formation. Now we see a clear increase in trading volumes and deep price rebounds, indicating the beginning of interest from buyers. Buyers showed the greatest interest in the range of $16.
But, so far the price of AVAX is not allowed below the local level of $ 8.4. So far, the rebound from $16 looks pretty weak. However, while the $18.4 mark is under the control of buyers, we will expect AVAX to continue to rebound with the final target of $28. Buyers' problems may start earlier, at around $24. Though, the mark of $28 is the main foothold for sellers to continue to fall. Loss of control over this mark will dramatically change the market situation and erase the scenario of the price fall to $12.
AVAXBTC Price Gives Great Hope For The End Of The Fall
In the weekly timeframe, the AVAXBTC price reached the liquidity range of April 2021. In addition, if you conduct a trend channel of price movements at historical highs, you can see that the AVAXBTC price has reached its lower trend line. In the two trading weeks, starting on 13 June, the AVAX price absorbed several previous falling candles. This fact indicates the readiness of buyers for a global rebound. The only downside that still affects AVAX is the weak Bitcoin. Stopping the fall of Bitcoin even in consolidation will open the way for the growth of AVAXBTC with a target of 0.0018. The worst-case scenario at the moment is a retest of the trend line and the range of 0.00077.