AVAX, trading at $34.28, is facing a critical support level at $32.43, making its future price movement uncertain.
Testing the $32.43 Fibonacci Level
The current support level for AVAX is at $32.43, coinciding with the 38.2% Fibonacci retracement level. This is a crucial zone for a potential price reversal towards growth. If this level holds, we could anticipate a price increase towards the resistance at $50. However, a break below this level could lead to further declines, with support in the $26–$29 range.
AVAX Price Technical Indicators
Technical indicators show mixed signals. AVAX is positioned slightly above the lower Bollinger Band at $32.02, indicating possible oversold conditions. Key resistances are at the midline $36.51 and the upper Bollinger Band $41.01. The Relative Strength Index (RSI) is at 37.28, indicating weakness but still above oversold levels. MACD indicates bearish momentum, though narrowing histogram bars may suggest slowing selling pressure.
Open Interest and Market Participation
Open interest in AVAX futures is $653.27 million, down 4.20% in the last 24 hours. Nonetheless, interest remains high, reaching nearly $800 million throughout the year, signaling ongoing trader interest. Open interest typically spikes before price volatility, indicating high market confidence in AVAX. Meanwhile, daily trading volume also increased by 5.17% to 595.31 million, reflecting active market participation.
With the uncertainty surrounding the current $32.43 level for AVAX, its future movement could pivot towards an upward resurgence or further decline.
