Avalanche (AVAX) Market Prediction: Bulls Must Defend $35.30 to Avoid Bullish Structure Collapse

Tap the avatar to enter the live stream and chat!

Similar to other cryptocurrency markets, Avalanche (AVAX) has experienced significant market adjustments over the past two weeks after a round of price increases. Currently, the price of AVAX hovers around $36, and recent market analysis indicates that several key market conditions must be met to avoid a complete collapse of AVAX's bullish structure. Analysts believe that AVAX bulls must defend the support level of $35.30 to achieve an overall price recovery.

According to comments from the digital asset analysis platform More Crypto Online, experts have predicted a typical yellow scenario using Elliott Wave Theory, which is usually associated with bullish market trends. The yellow scenario suggests that AVAX is currently in a correction phase, particularly in the B wave of the ABC corrective wave. This corrective wave typically consists of three waves, where the B wave usually shows an upward trend consistent with the current market trend, potentially transitioning into a downward C wave.

In the case of AVAX, analysts at More Crypto Online point out that to maintain the validity of the bullish structure, the price of AVAX must remain above $31.69 for the yellow scenario to continue to hold. If the price of AVAX continues to stay above this critical level, the upward movement of the B wave may further unfold.

However, analysts also warn that if the price of AVAX falls below $35.30, it may trigger a downward trend, potentially dropping to $31.69. Losing this price range could undermine the current yellow scenario and push the market into the downward phase of the C wave. Therefore, market bulls must closely monitor this support level to prevent the price from falling below it, thus avoiding the collapse of the bullish structure.

Tap the avatar to enter the live stream and chat!