Examining the daily technical chart of AVAX, it appears that the price is nearing a significant resistance level at $39.59. If the price manages to close above $39.60 on a 4-hour candle and $39.59 becomes a new support level, there is a possibility for the price to surge towards $45 and even $50. On the other hand, if the resistance at $39.59 holds, the price could decline to $32.64. Notably, the range between $32.64 and $28.50 is crucial for long-term buying opportunities.
Mid-term Analysis
In the daily technical chart, the price of AVAX is hovering close to the $39.59 resistance level. A successful breach of this level could trigger upward movements towards $45 and potentially even $50.
Investors are advised to closely monitor the support and resistance levels highlighted in this analysis. The $32.64 level could present a buying opportunity for those who missed out on recent price dips.
Long-term Investment Strategy
To navigate the volatility in the market, investors are recommended to place stop-loss orders below support levels and strategically sell at resistance levels or predetermined targets. Diversifying portfolios with other cryptocurrencies can mitigate risk and potentially increase returns.
In conclusion, AVAX offers an appealing opportunity for investors willing to closely track technical signals and adopt a disciplined trading approach. While the market conditions may change suddenly, staying informed and proactive can help capitalize on opportunities for growth.
