This is why AVAX price is looking at a 25% rise despite crashing below $16

Aaryamann Shrivastava
Aaryamann Shrivastava

16 Mar 2023 3:04 PM

AVAX price followed the broader market’s lead, as the altcoin posted a red candle on the chart on Wednesday. The extremely high volatility in the cryp...

  • AVAX price fell by more than 9% on Wednesday, nearing the critical support level at $14.91.
  • Price indicators suggest a potential incline if AVAX manages to flip $17.20 into a support floor.
  • If AVAX slips below the critical support level, it could fall to December 2022 highs.
  • AVAX price followed the broader market's lead, posting a red candle on the chart on Wednesday due to the ongoing banking crisis in the United States and the rally following the release of the Consumer Price Index.
  • The Relative Strength Index observed an uptick near the neutral line at 50.0, and the Moving Average Convergence Divergence indicator is still in the early stages of a bullish crossover.
  • If the bullish narrative plays out, AVAX price could note a recovery rally to $17.20 and rise toward a monthly high of $19.60.
  • However, if the macroeconomic conditions worsen, AVAX price could slip below the critical support level at $14.91 and fall to December 2022 highs of $13.78.

The article presents a mixed sentiment as it discusses both potential inclines and declines in AVAX price. However, the overall tone is slightly bullish as the price indicators suggest a recovery rally.

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Related Questions

What is the critical support level for AVAX?
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