Additionally, this cryptocurrency has dropped by over 36% in the past month, reflecting a strong bearish sentiment. Similarly, the broader crypto market has experienced minor setbacks, with Bitcoin trading under $64,000 and Ethereum just below $3,200, signaling overall market instability.
If the bulls manage to push the price past the $35 resistance level, AVAX might see a significant rebound in its momentum. This surge could potentially drive the cryptocurrency to challenge the major resistance level at $50.
However, if market conditions remain weak, the value of AVAX could decline, potentially reaching its support level at approximately $33. If the bearish trends persist, there’s a risk it could further slip to lower support around $30 soon.
The daily technical indicators for AVAX show continued volatility in the market. The Moving Average Convergence Divergence (MACD) is exhibiting bearish momentum below the signal line.
The Bollinger Bands display a moderate gap, with the 20-day Simple Moving Average (SMA) sitting at $38.35. The upper Bollinger Band is currently at $48.10, suggesting a potential resistance level for any upward movement. Conversely, the lower band indicates support at $28.60, a level that might see buying interest if the price dip to these regions.
