Avalanche (AVAX) struggles to hold above key support that will set the tone for a rally to the $40 mark region anticipated by many. The price of Bitcoin (BTC) saw a retracement as it could not break and hold above important support that corresponds with the daily 50 exponential moving average (EMA). BTC’s unable to hold that region has led to AVAX struggles to form good support. Avax Weekly Chart Analysis The weekly chart for Avax shows a downtrend reversal to a low of $16.3, where buyers were more willing to step into the market. The chart shows the price of Avax needs to break and close above $23.7 for it to resume its bullish movement to the $40 mark price anticipated by investors. Avax has formed strong support at the $16.3 mark area, with more buyers willing to place bids in this region. This region can be seen as a good demand zone should the price of Avax retraces back to the current price. Major resistance on the weekly chart – $23.7 Major support on the weekly chart – $15 Avax Daily Chart Analysis The daily chart for Avax price shows it is struggling to reclaim the 50 exponential moving average (EMA); this corresponds to a key resistance stopping the price of Avax from rallying higher. Avax on the daily chart has good support at around $16.3 with a triple bottom formation. A triple bottom is a bullish trend reversal formation that allows investors to accumulate more crypto assets. With the price of A...
