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AVAX analysis – the price is rising amid a continuing market correction

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AVAX, unlike most highcap coins, achieves this decent profitability, as evidenced by the last growing leg in the middle market correction. However, growth has stopped at resistance, so in the short term the price needs to cool down. Where is the next support and in what structure does the graph appear?

AVAX has achieved local maximum $ 110 and thus confirmed the resistance from local maximal corrections. The nearest support is at $ 96 where point 2 occurs and testing it would be a bull signal. In addition, MA21 support could be tested at the same location.

AVAX / USD 4HAVAX / USD 4H. Source: TradingView

AVAX has long been bullish

The latest growth has been accompanied volumes on the side of the bulls thus definitively ending the previous accumulation zone. In the long run, however, the price continues sideway and reaches declining highs and the same lows. It is thus possible that it will take some time for the price to exceed the last maximum.

If the price manages to break the last maximum at the level of $ 110, the termination of this sideway structure will be definitively confirmed and primary growth trend. Such a break should also be supported by growing volumes. In the long run, the price also looks bullish.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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