Journalist
Posted:
- Avax whale activity slows down downwhich leads to reduced large transaction volume and price consolidation.
- A drop to the support level of $ 22 could Give the necessary accumulation For a potential trend reversal.
Avalanche’s [AVAX] The whale activity has been delayed since the start of this month.
Large transactions, which are known to move prices, have fallen with a significant margin, which leads Avax to consolidation Under an important trend line resistance since 6 February.
The fact that large players do not make large movements raises questions about the trajectory of the token in the short term. Will this lead to a further fall in the support level of $ 22?
Source: Intotheblock
Avax price consolidation under an important resistance
Avax has been in close consolidation under an important trend line resistance that has been on hold since the beginning of August, indicating that there is little Bullish Momentum.
Historically, considerable price actions have followed such consolidations. With whale activity in the deterioration, token can have difficulty breaking this resistance.
Instead, the price would re -test a lower support levels, with $ 22 an important zone. This level has long acted as a solid building area and may have won enough bullish momentum to change the trend.
Source: TradingView
Can $ 22 offer a path to Bullish Revival?
If Avax does not collect sufficient purchasing pressure to break the trend line resistance, a decrease up to $ 22 can be on cards. This level could serve as a battery zone where large players could take their long positions.
To change Avax’s process, the Altcoin has to collect enough Bullish Momentum and $ 22 seems to be the nearest launch platform for a bullish reversal.
Although the current market conditions suggest a possible decrease up to $ 22, patience is required. This can be the reversal area for Avax, where buyers can take long positions and the prices can push higher.
