Key Support Zone Holds Strong
The critical support zone between $35 and $42 has shown exceptional strength. After breaking above this historically significant resistance level, AVAX executed a textbook retest of the zone, which now serves as a robust support area. This price action confirms the ongoing uptrend, with AVAX currently trading at $48.
Target Zone Analysis for AVAX Price
Technical projections indicate that AVAX could be poised for a rally toward the $150-$180 range. This target is supported by:
- Historical price action indicating key levels.
- Fibonacci extension levels commonly used in cryptocurrency price discovery phases.
Risks and Market Dynamics
Despite the strong setup, traders should remain cautious. Key considerations include:
- Maintaining the critical support zone at $35-$42. A failure to hold this level could invalidate the bullish scenario.
- Monitoring broader market trends, including Bitcoin’s performance and macroeconomic factors, which heavily influence AVAX’s trajectory.
High-Probability Continuation Pattern
The weekly chart structure suggests a high-probability continuation pattern. The successful retest of previous resistance as support further solidifies the bullish outlook for AVAX. Market participants should keep a close watch on upcoming price action to capitalize on potential opportunities.
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