AVALANCHE PRICE ANALYSIS & PREDICTION (February 12) – Avax Faces Resistance After Two-Day Recovery, Resumes Drops

After resetting to a five-month low last week, Avax bounced back and took a little break in selling. It recently faced a rejection and is now back in a downward range following a 3% today. Yesterday, Avax retested the $27 level due to a small recovery, which came after holding temporal support at $24. But unfortunately, it lost grip again and slipped to where it is currently changing hands at $25. The bears appeared back in the market, but whether they will sustain pressure or not is yet unknown. If they manage to reclaim last week’s low, things might get worse as the market may revisit the August 2024 low. However, a multiple rejection at this low could bring a bounce back in the market. If the bulls act well upon it, we may see a strong increase. This could fuel a significant recovery to the top. Though trading volume currently appears low on the daily. A surge in the volume level will determine where the market will go next. At the time of writing, there’s a little-to-no much movement in the market. Nevertheless, the market is still in favour of the bears on the short-term trend. But from a technical standpoint, the bulls will likely overpower them to step back in control soon. Avax’s Key Level To Watch Source: Tradingview Now that the price is facing down again, the asset may roll through the minor $24 support to reclaim the recent $21.2 low. If it fails to contain pressure, the next bearish target would be the $17.3 – August 2024 low. Towards the upside, there’s a close resistance at $27.2. A push above it should bring a further recovery to $31.5. The next resistance levels to watch are $38 and $45 in the near term. Key Resistance Levels: $27.2, $31.9, $38 Key Support Levels: $24, $21.2, $17.3 Spot Price: $25 Trend: Bearish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: ivanbabydov/ 123RF // Image Effects by Colorcinch

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