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- AVAX is testing a crucial support level aligned with Fibonacci retracement, signaling a possible bullish turnaround.
- A sustained hold could drive AVAX toward medium-term recovery, with key levels attracting buyer interest.
- Breaking the $30 level may trigger additional gains, aligning with broader market expectations for a trend reversal.
Rose Premium Signal highlighted that Avalanche (AVAX) is retesting the support level that corresponds to the Fibonacci retracement. Such technical formation indicates the possibility of bullish reversal in the weekly chart, which create curiosity among the traders and investors.
AVAX Key Levels to Watch
According to the analysis, if the AVAX holds this level of support, then it will be fully recovered in the medium term. Concerning technical analysis of this climb, the targets are $43.84, $58.06, and $80.03. These levels can be viewed as significant that can stir up buyers’ attention and give further impetus.
The analyst also identifies the weekly closing above the $30 as a key level. Such a development may also spark further strength to suggest that AVAX could more approach the mentioned resistance levels. This situation can be in line with the overall market expectation for a reversal of the bearish trend, especially given the current signal indicators on the charts.
This makes the crypto community focus on the price change in AVAX because its changes could impact almost all the altcoins. A bullish pattern could bring back the interest of many investors into the platform due to the sudden upturn.
Bullish Reversal Potential
Although the market is still unstable, the analysis presents a positive-long term perspective on AVAX. It is crucial to pay attention to the significant support level and the $30 level since it is a critical trend for the short-term performance.
The next few weeks will prove to be crucial for AVAX as it tries to respond to such crucial price levels. Sustaining a hold of support and also a breakout above the $30 level may lead to new heights. On the other hand, failure to sustain such levels results in further consolidation or even more pressure. As of writing, AVAX is trading at $21.62, higher by 3.52% over the last 24 hours.
Source: TradingView
The sustainability of AVAX’s price movement and penetration through the next level of resistance will define the platform’s future actions as the market develops. Speculators and buyers and sellers remain cautious for the moment, patiently waiting for the next trend.
