Whats Ahead For AVAX Price On Daily Technical Chart?

14 Okt 2024

On October 12, news of the buyback propelled AVAX above the 200-day EMA from a crucial demand zone. With the overall market sentiment, bolstered by Bitcoin's performance turning bullish, the entire crypto landscape is seeing a surge in green.

Bitcoin is currently nearing the $65,000 mark after a quick rebound from the $64,000 support level, which has improved market conditions and boosted optimism for AVAX. In Q3, AVAX briefly broke above the upper boundary of a wedge pattern, but the breakout lacked strength and led to a period of sideways consolidation alongside several EMA bands.

As of now, AVAX is approaching the $33 mark, which represents a critical change of character (ChoCh) level. Successfully clearing this resistance could significantly enhance long-term bullish sentiment. However, if it fails to break through, the price may settle back toward the nearest support level around $25.