š $AVAX /USD ANALYSIS: TRADING AT $41.78āREADY FOR A NEW HIGH? šš
The $AVAX /USD pair is currently priced at $41.78, showcasing steady movement with potential for a breakout. Market activity indicates growing momentum as traders focus on key levels.
š Market Conditions:
$AVAX/USD has recorded a 24-hour high of $42.50 and a low of $40.80. The price is consolidating above the critical $41.50 support level, with resistance at $42.50. Bullish sentiment is building, supported by increasing trading volume.
š High Probability Trade Scenarios:
Bullish Scenario: A breakout above $42.50 could push the price toward the next resistance at $45.00.
Take Profit (TP): $45.00
Stop Loss (SL): $41.00
Bearish Scenario: If the price drops below $41.50, it may retest the support at $40.50.
Take Profit (TP): $40.50
Stop Loss (SL): $42.00
š Key Levels to Watch:
Resistance: $42.50, $45.00
Support: $41.50, $40.50
š Market Outlook:
$AVAX/USD is on the verge of testing its resistance at $42.50. A breakout could lead to a bullish rally toward $45.00, while losing support at $41.50 might trigger a short-term retracement. Keep an eye on trading volume and momentum indicators to confirm the trend.
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