The price of Avalanche (Avax) has been traded within a convergence channel since December 2024. The current price is about $ 16.21, a decrease of 6.22 % in the past 24 hours. The volume decreased by 18.04 % to 437.08 million dollars in the same period.
Will this landmark continue, or is it the outbreak of the channel on the horizon?
Avax price analysis
The AVAX price scheme explains that there is a huge trend since December 2024, with a peak of about $ 56 in the price, and then decreased by approximately 71 %. The long downward trend makes a well -formed channel that makes lower and lower levels. The last basic procedure shows that the minimum limits of this channel are merged, indicating accumulation and a potential trend.
The upper borders will be linked to the R1 Pivot point about $ 24, while the lower border will be with its lowest levels in recent days. However, the penetration over this channel will prove that it is the opposite of a possible direction.
Standard Axis points indicate that the price of AVAX is currently trading between the S1 (14.38) and S2 (9.98), with immediate resistance at R1 (24.73). The bullish trend break from this level will indicate a possible reflection of the direction.
RSI in 37.07, approaches but not yet. For several weeks, RSI flipped between 40-60, indicating monotheism. The excess of the last lower of 35.43 indicates that the upscale momentum is likely to build in anticipation of the reversal of the direction.
Important support levels include $ 14.38 (S1) and $ 9.98 (S2), while the level of $ 15 is the level of direct support. There is a large resistance located in $ 24.73 (R1), at $ 29.47 (R2) and above $ 33.86 (R3), while the upper boundaries of the channel are dynamic resistance.
The price procedure recently showed an increase in the purchase strength towards the lower boundaries of the channel as shown in the formation of Doji and Hammer candles. It indicates that very narrow price ranges show contract fluctuations. There may be a big movement soon.
Avax price goals
If AVAX is broken over the concession channel, it targets the FIB level by approximately 38.2 % at $ 24.73, and it will be perfect alignment with the R1 Pivot Point. On the most optimistic side, the AVAX price can reach 29.47 (R2) if the upward trend is strong.
If you fail to overcome resistance in the short term, this may mean more unification or test support $ 14.38 again, and the possibility of declining to $ 9.98 if the feelings of the broader market deteriorate.
Future collapse Potenial recovery signal
The current OI is about $ 178.0 million, which represents a 24-hour decrease-3.27 %. Modern financing rates show a positive movement after being negative, indicating that long situations (buyer) are now more prevalent than short situations.
The shift to positive financing rates indicates an increase in bullish feelings among merchants. according to Coinglass The data and the AVAX financing rates range between 0.0100 % and -0.0317 % across the different stock exchanges.
