CandleFocus AVAX Consolidates Near $24: Analysts Eye Potential Breakout To $40
2024-11-04
Author: Content Editor
The cryptocurrency AVAX (Avalanche) is currently trading near a critical support level of $24, and technical indicators suggest bearish momentum. However, analysts believe that if AVAX can break above $28, it could trigger more buying pressure and potentially shoot up to $40 in the short term. AVAX is currently in a bearish trend and trading below the 20-day SMA at $26.81. It is approaching the oversold region near the lower Bollinger bands at $23.98, indicating bearish pressure. A break above the 20-day SMA could be a bullish signal, but confirmation is needed for sustained upward movement. The Relative Strength Index is at 37.54, indicating weak bearish momentum. The key resistance level is at $28, and breaking above it could lead to an increase in price. However, if the price fails to break the $28 resistance, there is potential for further consolidation or a breakdown of the $24 level. Traders and analysts should pay attention to volume spikes and RSI shifts to determine the direction of AVAX's next significant move.
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