Avax Chart Analysis

AVAX experienced a significant momentum gain with the breakout of the descending channel formation. Despite the EMA 200 level being at $12.24 (red line), AVAX is currently trading at $22.47 due to recent upward movements. However, a noticeable decline is observed in the recent candlestick formations.

The important support levels to pay attention to for AVAX are $19.82, $17.75, and $16.13, respectively. Especially, a candlestick closing below $19.82, along with remaining below the EMA 7 and EMA 21 levels, may lead to a significant loss of momentum for AVAX.

The resistance levels to monitor for AVAX are $24.06 and $26.31, respectively. Particularly, a closing above the significant obstacle at $24.06, witnessed during the recent upward movement, will enable AVAX to gain momentum.

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