AVAX is in the same phase as BTC and is also forming reverse pattern, which has not yet been confirmed, so we have to wait for the last maximum to break. However, the price is failing and has probably created a declining maximum. It will now be important to monitor how the price behaves when in contact with support.
The market price recently created a short-term candle pattern that is reversible, confirming the declining maximum. However, the price must be maintained last support at the level of points 1 and 3 at a value of about $ 79.00. If the price fell below this support, it is likely that it would look for a new bottom of correction and the reverse pattern would be invalid.
AVAX / USD 4H. Source: TradingViewAVAX needs to confirm the reverse pattern
In the short term, therefore, we must wait to see if the price can really exceed the last maximum and confirm reversal of the correction. At the moment, the price can go down as well as up, because it is located in sideway structure where bears with bulls fight. But before the real growth, the price has yet to cool down.
In the long run the correction has either found the bottom or will find it soon. We are still in the accumulation zone and the primary trend should continue to grow. In the short term, the price must confirm the bottom of the correction.
- CryptoQuant Analyst: Bitcoin Nowhere Near Its Peak – Buckle Up, Hodlers! - December 21, 2024
- Chainalysis: $2.2 Billion Lost to Crypto Hacks in 2024 - December 21, 2024
- Bank of Japan leaves interest rate unchanged: Impact on the macroeconomy and the crypto market - December 20, 2024
