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3 Price Levels to Watch for Avalanche (AVAX)

2 mins
Updated by Harsh Notariya
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In Brief

  • AVAX hits local peak at $65.39, drops 45% to $36.72, key support around $31.72.
  • Resistance around $48.67, 1.04 million addresses holding 22.75 million AVAX.
  • Consolidation between $31.32-$39.89, potential 32% surge to $48.85.
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Investors and traders of Avalanche (AVAX) are closely monitoring three critical price levels, as highlighted by IntoTheBlock, a renowned on-chain analysis platform.

These levels are essential for predicting the cryptocurrency’s future movements.

Which Are Three Important Price Levels For Avalanche?

Initially, AVAX, which reached a local peak at $65.39 on March 18, has since fallen by about 45%, currently trading at approximately $36.72.

The green bubble on IntoTheBlock’s global in/out of the money chart reveals that 866,000 addresses have bought around 14.49 million AVAX at an average price of $31.72. This figure is pivotal because it represents a key demand zone that could provide strong support if the price drops to these levels again.

On the flip side, the red bubble indicates a potential resistance level. This involves roughly 1.04 million addresses that hold about 22.75 million AVAX, purchased at an average of $48.67. AVAX price might face resistance at this level because investors might sell to break even.

Read more: How To Buy Avalanche (AVAX) and Everything You Need To Know

Avalanche Global In/Out of the Money
Avalanche Global In/Out of the Money. Source: IntoTheBlock

Furthermore, the grey bubble identifies a critical supply zone around $36.77, where 541,000 addresses have acquired approximately 25.55 million AVAX. This area could also serve as resistance, possibly limiting upward price movements.

Technical analysis corroborates these observations, indicating that AVAX is currently consolidating between $31.32 and $39.89. Should it break out from this range, the price could surge by 32% toward the next significant resistance at about $48.85.

Moreover, crypto analyst Ameba provided insights on potential short-term price movements for AVAX. He believes AVAX can test the lower range level before the next leg up.

“I’d like to see an under over mid range or if things get sour a swipe of range lows for a range play,” Ameba said.

Read more: Avalanche (AVAX) Price Prediction 2024/2025/2030

Avalanche (AVAX) Price Analysis
Avalanche (AVAX) Price Analysis. Source: TradingView

For investors, recognizing these levels is crucial for planning effective entry and exit strategies in the AVAX market. Given the current market conditions, a cautious approach is advisable, with vigilant monitoring needed to navigate through the potential resistance and support zones identified by recent on-chain data.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Harsh Notariya
Harsh Notariya is a journalist and crypto expert that excels in delivering the latest Web3 and Crypto News. Previously, as a Growth Marketer at Sporty and a Community Consultant at Totality Corp, he significantly boosted community engagement and followers. Harsh also crafted engaging content for top crypto influencer Shivam Chhuneja, blending meme references for an educational yet fun experience. His versatile skills make him a notable figure in crypto journalism.
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