Chart by TradingView
Key Support levels: $124, $110
Key Resistance levels: $147, $160
AVAX has finally met some resistance after a significant rally which took it to $147. The price is currently correcting. As such, the cryptocurrency can find good support on the $124 and $110 levels depending on how deep the correction is, while the levels found at $147 and $160 will act as resistance.
Trading Volume: Very strong and sustained volume during the rally. However, because of the current pullback, it’s important to wait for a support level to hold before.
RSI: The RSI on the daily timeframe is curving down after nearly touching the 80 points level. If the correction continues, the RSI is likely to fall back under 70 points.
MACD: The MACD on the daily timeframe is also curving back down and the histogram has made a lower high. This indicates a temporary reversal until bulls return. On the 4-hours timeframe, the MACD completed a bearish cross.
The macro trend remains quite bullish despite this correction. It’s important to remain vigilant following a massive rally of this kind.
AVAX has to find support during this correction and stop the fall in price before higher prices can be achieved. As such, the support levels just above $100 can provide a good base for the next rally, if bulls return in force.
