Despite the latest increase in the global market cap, Avalanche’s price remained down and continued to consolidate on the daily timeframe. A drop below its weekly low could trigger a short-term retracement.

Avax did not see much drop during the recent meltdown that hit the crypto space, which led most altcoins to their two-week lows. Instead, it remained in a consolidation phase and held well above the $50 level. 

That consolidation phase saw the asset through several rejections with no major signs of where it is likely to head next. Although, the trend remains bullish from a technical standpoint. 

Anticipating the next possible move, Avax is likely to sustain momentum considering the long-term bullish bias surrounding the asset. A surge above last week’s high should poise the price for more rallies on the daily outlook. 

Due to recent multiple rejections, the bears are finding it difficult to pull the price below the consolidation level. If they mount pressure in the coming hours, the trend is likely to shift to the downside. 

If that comes into play, the main support level to consider for a rebound is the $45 level that flipped during last week’s surge. Such a scenario could lead to a major price correction before resuming positive actions.

As it continues to hold well above the $50 level, a drop below it could cause a serious crackdown to $45.5. The lower support level to consider for drops would be $40. 

Right now, the $58, $61.45 and $65.4 levels are serving as weekly resistance. If the price flips through all these resistances, the possible level to watch for an increase is $70. Other highs may surface at around $75 and $80.

Key Resistance Levels: $58, $61.45, $65.4

Key Support Levels: $50, $45.2, $40

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: skorzewiak/123RF // Image Effects by Colorcinch

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