Whale Watching: Is AVAX’s Price Dive Inevitable?

by
  • AVAX whale activity is slowing down, leading to reduced large transactions volume and price consolidation.
  • A drop to the $22 support level could provide the needed accumulation for a potential trend reversal.

🐳 Attention, Avalanche [AVAX] enthusiasts! Our beloved whales are taking a breather, causing a significant dip in large transactions. 📉

As a result, AVAX has been consolidating below a key trendline resistance since the 6th of February. 📈 But don’t panic just yet!

With whale activity on the decline, the token may struggle to break this resistance. Instead, the price would retest lower support levels, with $22 being a significant zone. 💸

AVAX price consolidate under a key resistance

AVAX has been in a close consolidation beneath a major trendline resistance that has been in hold since early August, indicating that there is little bullish momentum. 😴

Historically, significant price actions have followed such consolidations. With whale activity on the decline, the token may struggle to break this resistance.

Instead, the price would retest lower support levels, with $22 being a significant zone. This level has acted as a solid buildup area for a long time, possibly gaining enough bullish momentum to change the trend.

Could $22 provide a path to bullish revival?

If AVAX fails to gather enough buying pressure to breach the trendline resistance, a drop to $22 could be on cards. This level could serve as an accumulation zone where big players could take their long positions. 📈

For AVAX to change its trajectory the altcoin needs to accumulate sufficient bullish momentum and $22 seems to be the nearest launchpad for a bullish reversal. 🚀

Although the current market conditions suggest a possible drop to $22, patience is required. This could be the reversal area for AVAX, where buyers can take long positions and push prices higher. 🤑

Read More

2025-02-18 11:39