• 29 May, 2024
Market News

Analysts Spot AVAX’s Key Support at $31.00 Amid Market Decline

Crypto Tony, an analyst on the X platform, recently provided an update on the AVAX/USD pair, focusing on the critical support and resistance levels and the potential market movements. The daily candlestick chart for AVAX/USDT, covering the period from January 2024 to mid-May 2024, shows significant price trends and key levels for traders to consider.

In the initial months of 2024, AVAX demonstrated a strong bullish trend. Starting at approximately $30, the price steadily climbed to around $55 by March. This period was marked by consistent higher highs and higher lows, indicating robust upward momentum in the market. Traders and analysts observed a sustained positive sentiment during this time, driving the price upward.

However, the bullish trend reversed in late March, leading to a bearish phase that extended to mid-May. During this period, AVAX’s price declined from its peak of $55 to around $32.32. The chart shows lower highs and lower lows, typical of a bearish market. This downward movement reflects a shift in market sentiment, with sellers gaining control and driving the price down.

The chart analysis highlights several crucial support and resistance levels that are pivotal for AVAX’s price movements. The $65.00 level is identified as a strong resistance, with the price approaching but failing to break above it. 

Similarly, $52.00 represents another significant resistance where the price reversed multiple times during the earlier upward trend. On the support side, the $31.00 level is critical as the current price hovers around it. This level represents a previous resistance turned support. Slightly below the current price, $30.00 marks the lower boundary of the trading range observed earlier in the year.

As of today, Avalanche (AVAX) is priced at $33.95, with a 24-hour trading volume of $432 million. This represents a 4.5% price increase in the last 24 hours but a 1% price decline over the past seven days. With a circulating supply of 380 million AVAX, the cryptocurrency’s market cap stands at $13 billion.

Additionally, AVAX is underperforming compared to similar Layer 1 (L1) cryptocurrencies, which have decreased by -0.40%. This analysis provides a comprehensive view of AVAX’s recent market performance and the key levels to watch, helping traders make informed decisions based on current trends and critical support and resistance levels.

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