AVAX Price Faces Critical Support Level at $35.30 to Avoid Decline
Following a significant market correction, Avalanche (AVAX) is currently priced around $36 after an extended rally. Analysts emphasize the importance of maintaining key price levels to preserve AVAX's bullish structure.
AVAX Bulls Must Defend $35.30 For Total Price Recovery
On December 27, More Crypto Online provided insights on the AVAX market using Elliott Wave Theory, predicting a bullish yellow scenario. This scenario indicates that AVAX is in a corrective phase within the B-wave of an A-B-C correction pattern, suggesting potential upward movement if certain price levels are maintained.
For AVAX to remain in this bullish projection, it must hold above $31.69. However, to reinforce this scenario, AVAX should not fall below $35.30. A breach of this level could lead to further declines towards $31.69 and invalidate the bullish outlook.
AVAX Price Overview
Currently, AVAX trades at $36.74, down 2.12% in the past 24 hours. The daily trading volume has decreased by 6.40%, totaling $448.45 million. Over larger time frames, AVAX has seen losses of 11.65% in the past week and 14.81% over the last 30 days.
To advance, AVAX must confront resistance at the $42 price zone, surpassing which could facilitate a rally to $55. Despite recent declines, AVAX remains a favored investment, having previously surged over 4,400% during the 2021 bull cycle to reach an all-time high of $144.96. With a market cap of $14.92 billion, AVAX ranks as the 11th largest cryptocurrency.
