Binance Technical Analysis: $AVAX /USDT
Current Price: $36.33 (+0.50%)
Timeframe: 30m chart
Analysis Overview
$AVAX /USDT is currently rebounding from a daily low of $35.52 after facing resistance at $38.50. The market is exhibiting a bearish bias as AVAX continues to trade below key resistance levels. A breakout above or below the immediate support/resistance zones will dictate the next move.
Targets
1. Immediate Support (Target 1): $35.50
This level acts as a strong support zone. If the price fails to hold above this level, it could lead to a further downside, targeting $34.50.
2. Key Resistance (Target 2): $37.50
A recovery above $37.50 could signal renewed bullish momentum, with buyers aiming for higher levels.
3. Bullish Target (Target 3): $38.50
If the price breaks above $37.50 and sustains, $38.50 will act as the next critical resistance to monitor.
Risk Management
Stop-Loss Suggestion: $35.30
Place a stop-loss below the support level at $35.50 to minimize downside risk.
Support Breach Alert: A drop below $35.50 may indicate continued bearish pressure toward $34.50.
Trading Insights
Short-Term Strategy: Look for buy entries near $36.00, targeting $37.50. Secure partial profits if the price reaches $37.50, and trail stop-loss to breakeven.
Long-Term Strategy: Accumulate on confirmed breakout above $37.50 and hold for a potential rally to $38.50.
Advice:
Watch for volume surges and candlestick confirmations to validate breakouts. Employ appropriate risk management in the event of high market volatility.
