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After hitting one month lows while trading yesterday, AVAX/USD has produced a reversal upwards but some speculators may be suspicious of the move.
AVAX/USD is trading near the 72.50000000 mark as of this writing, this after falling to a low of nearly 67.25000000 early yesterday. The lower ratio produced on Monday tested values not seen since the 15th of March. The low water mark certainly was able to demonstrate a reversal higher, and speculators who were able to take advantage of the low may have been able to cash in profits, but short term traders now have to decide on coming direction.
Trading sentiment within the broad cryptocurrency market continues to exhibit signs of nervousness including in Avalanche. AVAX/USD has mirrored many of the technical trends being displayed in major counterparts, the reversal higher which was attained late yesterday and early today correlate to the broad digital asset market. However resistance levels are now being tested and AVAX/USD has potentially critical headwinds ready to blow near the 73.4100000 juncture.
Short term traders looking for quick hitting trades may see the above resistance as an attainable mark and be willing to buy now and use take profit orders even below the listed resistance levels while wagering on fast results. Choppy conditions are likely to remain quite strong in the near term, particularly if nervous sentiment continues to be witnessed in other major cryptocurrencies.
On the 2nd of April AVAX/USD was trading near the 104.00000000 ratio, this is a loss of more than 25% of its value since touching this one month high. The trend in AVAX/USD may have been able to achieve a bounce higher yesterday, but now another test stands in the way of upside movement as resistance comes into sight. A downwards slope has dominated AVAX/USD the past few weeks of trading and momentum is a powerful wagering tool in cryptocurrencies. Traders should remain realistic regarding their targeted ambitions.
If current support levels nearby around 72.00000000 falter and a test of the 71.75500000 to 71.4500000 ensue, this could trigger additional selling. The past few weeks have demonstrated ability to make prove support levels vulnerable in AVAX/USD and other major cryptocurrencies. Traders should be careful with the amount of leverage they use and be ready for volatility to suddenly ignite, particularly if nervous trading conditions remain near term. In the short term selling AVAX/USD after brief climbs higher, and using entry price orders that look for reversals lower may prove to be a worthwhile speculative outlook.
Avalanche Short-Term Outlook
Current Resistance: 73.15000000
Current Support: 71.71000000
High Target: 75.61000000
Low Target: 67.63000000
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