Which Are Three Important Price Levels For Avalanche?
Initially, AVAX, which reached a local peak at $65.39 on March 18, has since fallen by about 45%, currently trading at approximately $36.72.
The green bubble on Into TheBlock's global in/out of the money chart reveals that 866,000 addresses have bought around 14.49 million AVAX at an average price of $31.72. This figure is pivotal because it represents a key demand zone that could provide strong support if the price drops to these levels again.
On the flip side, the red bubble indicates a potential resistance level. This involves roughly 1.04 million addresses that hold about 22.75 million AVAX, purchased at an average of $48.67. AVAX price might face resistance at this level because investors might sell to break even DYOR $AVAX
$Keep a close watch on #AVAXUSDT as it shows strong indications of a bullish continuation following a breakout from its descending resistance.
Reviewing recent movements, #Avalanche has effectively broken above its descending resistance and is now positioned for a rise starting from the demand level at $36.72. If it can maintain this momentum, we expect a vigorous advance toward higher levels, although some initial resistance might provoke a significant uptick.
It's crucial to consider that if the price struggles to maintain momentum at the current demand level, it could signal a softening of the bullish scenario. In such an event, we are prepared to capitalize on a bullish rebound from a lower support level at $35.11. The substantial liquidity at this level indicates that AVAX could mount a strong bullish recovery. Nonetheless, a breach below this demand level could lead to a notable decline in price