AVAX/USD: Key Values Tested as Crucial Resistance Approached
Date
3/2/2022 12:32:35 PM
(MENAFN- Daily Forex) AVAX/USD is trading below the 88.0000 level as of this writing. On the 24th of February AVAX/USD was trading below 65.0000, and on the 22nd of January the Cryptocurrency did briefly touch the 53.0000 vicinity. The move upwards has not been without reversals, these still occur on a daily basis. However, recent price action in Avalanche has correlated to the broad digital asset market and buying of AVAX/USD has developed in a rather tranquil manner.
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AVAX/USD has flirted with the 90.4000 level a few times in the past day, but the reversals lower have not been violent. A lower base of 84.0000 seemingly has been established the past few days of trading. Nervous sentiment certainly still exists within the cryptocurrency landscape, and some skeptics may believe the recent short term trend higher will evaporate and the long term bearish mode will emerge again.
However, the past couple of days of trading have seen support levels actually begin to show some strength and after highs have been made the downturns in AVAX/USD have not been violent. Speculators who want to glance at a one month chart are encouraged to do so. It is apparent that the juncture of 90.0000 has proven important over the past few weeks, and has been difficult to sustain values above this price.
If AVAX/USD can seriously challenge the 88.0000 level in the short term and maintain sight of the 90.0000 this may be an encouraging signal. Important support levels which have developed recently should be monitored, if the 87.0000 to 86.7500 ratios can hold back the tide, these levels may be a good place to try and ignite buying positions for more cautious traders. If the 88.0000 is punctured higher and the 89.0000 juncture develops a rapid test, this could spur on additional speculative buying.
The broad cryptocurrency market remains volatile, including AVAX/USD. The past few days of trading haven't wiped the table clean of the long term bearish trend which has been demonstrated. However, if current support levels continue to be strong and the 90.0000 is challenged near term and is punctured, then bullish traders may have something to consider regarding a potential change in the trading winds. AVAX/USD still has to produce a higher move to show upwards momentum is strong, but the short term may offer significant clues regarding potential direction.Avalanche Short Term Outlook:
Current Resistance: 89.9500
Current Support: 86.7500
High Target: 93.4000
Low Target: 84.2000
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