Avalanche (AVAX/USD) Market Faces Potential Correction Within Overall Bullish Context
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Avalanche Price Prediction – July 29
AVAXUSD market faces potential correction within an overall bullish context. Avalanche (AVAXUSD) has experienced a strong upside rally, yet momentum indicators suggest a temporary loss of bullish steam.
The RSI (Relative Strength Index) has dropped from overbought levels above 68 to around 57, indicating declining buying pressure. Simultaneously, the price is beginning to decouple from the 9-day SMA (Simple Moving Average), currently at $24.70, hinting at a possible short-term pullback as buyers take profit.
AVAX/USD Market Key Levels
Resistance: $26.550, $27.400, $33.020
Support: $22.770, $17.280, $12.500
AVAX/USD – Daily Chart
The daily chart for AVAXUSD shows consistent decline in fractals.
Technically, the pair has formed a near-term lower high below the $27.40 resistance level after a bullish order block breakout and clear change of character (ChoCH) in early July. Price is now retreating toward the $22.80 and $22.20 demand zones, both of which align with previous Fibonacci retracement levels and past structure. This area is crucial for maintaining the integrity of the bullish trend, as a deeper decline below $20.00 would invalidate the recent upside impulse.
What is the projection for AVAXUSD market?
In the near term, AVAXUSD is expected to experience a bearish correction targeting $22.80 or possibly extending toward $20.00. However, should buyers re-enter at these discounted levels, the market could resume its upward trend toward $26.50 and later $30.00. A failure to hold $20.00 support would expose the $17.30 and $14.10 zones as deeper corrective targets.
AVAX/BTC Price Analysis
AVAXBTC is trading above the 9-day SMA, indicating short-term bullish momentum. Price recently reclaimed the order block (OB) zone and is currently retesting it for potential support.
The RSI is above 50, suggesting buyers still have control despite recent pullbacks. A bounce from the weak low area could fuel a rally toward the 0.0002500 resistance level.
Avalanche (AVAX) Current Statistics
The current price: $24.180
Market Capitalisation: $10,210,000,000
Trading Volume: $655,020,000
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