• Once AVAX broke down from the previous highs at $44.40, it quickly moved down into the yearly open and then much lower. The wick low stands at $30. We will see how AVAX keeps consolidating within this range over the next few weeks. It might take a little while before an uptrend starts again.

  • Whether this happens now or in 3 months, I believe these large caps will be great trades to make.

  • For a long position, look for a reclaim of the yearly open at $38.57 followed by a move towards the previous range highs around $44. Under $44, I don't expect AVAX to do much. If AVAX reclaims the yearly open, expect a push to $41 and $44.

  • For a short position, look for a firm breakdown of the $33 level. This could lead to a breakdown of the $30 level, with support levels standing at $28.75 and $26.50.

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