Examining AVAX’s daily technical chart, the price is seen approaching a 4-hour resistance at $39.59.
If there are 4-hour candle closes above $39.60 and $39.59 acts as support, the price could potentially rise to $45 and then to $50.
However, if the resistance at $39.59 is not breached, the downward trend could continue down to $32.64, and the range between $32.64 and $28.50 is highlighted as crucial for long-term spot purchases.
Looking at AVAX’s daily technical chart, the price is moving close to the $39.59 resistance level, and overcoming this level could lead to rises towards $45 and $50.
MID-TERM AVAX ANALYSIS
Daily AVAX/USD Price Chart
In the daily technical chart for AVAX, it’s observed that the price is near a 4-hour resistance at $39.59. If there are successful 4-hour candle closures above $39.60 and $39.59 turns into support, the price is expected to continue ascending first to $45 and then potentially to $50.
Should AVAX fail to surpass the $39.59 resistance, the bearish trend could extend to $32.64. This level might be suitable for incremental buying for those who missed out on the recent dip.
For long-term spot buying, the levels between $32.64 and $28.50 are considered important and worth evaluating. AVAX investors are advised to closely monitor these support and resistance levels outlined in the analysis. If the $50 level is exceeded, the next target could be $70; however, if not surpassed, the price might fluctuate between $50 and $40 for some time as indicated in the article.
LONG-TERM AVAX INVESTMENT STRATEGY
This analysis suggests a cautious yet proactive approach to investing in AVAX. Investors might consider setting stop-loss orders just below support levels to minimize potential losses and capturing gains by strategically selling at resistance levels or predetermined price targets.
Given the volatile nature of the cryptocurrency markets, it’s also advisable for investors to diversify their portfolios and not rely solely on AVAX. Combining AVAX with other potential high-growth cryptocurrencies could spread risk and increase the potential for substantial returns.
Conclusion:
AVAX presents an interesting opportunity for those looking to enhance their cryptocurrency portfolio. By closely following the technical signals and maintaining a disciplined approach to buying and selling, investors can potentially capitalize on the market’s movements. However, always be prepared for sudden shifts in market conditions, which are not uncommon in the crypto world.