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AVAX/USD remains in the lower depths of its long term price range, and hopes of a strong reversal higher appear diminished for the near term.
AVAX/USD achieved a high of nearly 25.0000 yesterday, but since reaching this level has seen its price incrementally move lower. Price action has not seen a great deal of volatility in the past couple of days, and this may actually prove to be a worrying sign for some speculators who suspect that current consolidation will not prove durable.
Early this week on the 6th and 7th of June AVAX/USD was able to flirt with the 26.0000 mark, but sustained trading over this juncture never was firmly established. The broad cryptocurrency market also staged a bit of a run higher at this time, but has also shown a tendency to stumble lower the past couple of days. Speculators who believe AVAX/USD is oversold and looked at this week’s early results as a signal value recovery could be underway, have probably had their hopes dashed.
The long term bearish trend remains solidly in place for AVAX/USD and its current value near 24.3500 is within sight of crucial support levels. Early this morning’s low of nearly 23.7000 touched ratios seen on the 7th of June, but they did not penetrate to the lowest depths seen on Tuesday. From a technical perspective AVAX/USD remains within a troubling range that seems intent on challenging prices from August of 2021. If the current price band were to fail the lows seen in the last week of May, only a week and a half ago, could easily be demonstrated again when the 21.3000 ratio was tested.
Speculators who want to continue pursuing downside momentum of AVAX/USD cannot be blamed. Perhaps it may be a wise decision to wait for some upside movement to technical resistance levels which are deemed durable, and then ignite selling positions while looking for Avalanche to slide lower. The broad cryptocurrency market remains fragile and a sudden burst of robust buying seems like wishful thinking in the near term.
If support near 24.1000 begins to look vulnerable and the 24.0000 mark falters, traders may believe AVAX/USD could test crucial support levels again. The bearish trend of AVAX/USD should not be ignored, while it might be tempting to wager on upside momentum for quick hitting reversals and potential profits, it is the downside which continuously seems to be the testing ground for new results and better wagers.
Avalanche Short-Term Outlook
Current Resistance: 24.91000000
Current Support: 23.80000000
High Target: 27.73000000
Low Target: 21.91000000
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