AVALANCHE PRICE ANALYSIS & PREDICTION (May 5) – Avax Resurges After Establishing Base Support, Sets For A Huge Price Movement

Avax appeared bullish following a steady increase in the last five days. Although it looks indecisive, but remains strong on the intraday trading. More gains should be expected if the bulls continue to sustain pressure.

After going through a lot of reductions in the past weeks, Avax eventually found a solid support above $29 in April and slowly climbed back. It retested $40 but later lost momentum due to a quick rejection. 

Fortunately, the bulls reacted strongly with a counter move and the selling pressure halted in the mid-week with a bullish pin bar candle. It formed a base support above the $30 level and started to show signs of strength. 

Following this bullish interception, which recently brought a positive sentiment in the market, Avax appeared strong but the buying pressure is temporarily paused due to a slight rejection. 

Nevertheless, the bulls are still looking formidable in their quest to gain more control. If they manage to close this week well above the important $40 resistance level, we can expect a strong rally in the coming week. 

Right now, the bulls appeared to be regrouping for more gains. While the bears are still in a disbelief state, more positive actions should be expected as they are likely to suffer more losses in the future. 

Avax’s Key Level To Watch

Source: Tradingview

Avax is slowly shifting trend but seemed to be facing hurdles while targeting the mentioned important resistance level. Overcoming this important resistance could propel buying to $45.2 and $50 in the upcoming week. 

The $35 and $30 levels are now considered as a key support zone for a pullback. If the price drops below it, there’s a close support at $29.3 before dipping to $24.7.

Key Resistance Levels: $40, $45.2, $50

Key Support Levels: $34, $29.3, $24.7

  • Spot Price: $37.5
  • Trend: Bullish
  • Volatility: Moderate

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: ivanbabydov/123RF // Image Effects by Colorcinch

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