Avalanche （AVAX） is attempting to breach a crucial resistance level that could make $357 million worth of AVAX profitable, driven by investor moves to secure gains.
Points
- Avalanche is attempting to breach a resistance level at $31.
- A successful breach could make $357 million worth of AVAX profitable.
- Investor selling at current profitability levels may impact price movements.
- The 23.6% Fibonacci Retracement level at $33 is a critical resistance point.
Avalanche’s （AVAX） price is at a monthly high, currently struggling to breach a crucial resistance level at $31. Successfully breaking this barrier could enable recovery and bring substantial profits to AVAX holders, particularly those who bought between $29 and $34.
Beincrypto
The Global In/Out of the Money （GIOM） indicator shows that approximately 11 million AVAX were bought in this range, amounting to over $357 million. However, as AVAX’s price reaches $32, around 5 million AVAX have already achieved profitability, leading to potential selling pressure.
The critical resistance level to watch is the 23.6% Fibonacci Retracement line at $33, also known as a bear market support floor. Securing this level could prevent further downtrend and support continued recovery. However, visible signs of selling among investors may hold AVAX back from breaching this level, potentially keeping the altcoin consolidated between $33 and $27.
Beincrypto
Breaching the $33 level would invalidate the bearish-neutral thesis, triggering further recovery. Conversely, failing to maintain this level could send Avalanche’s price down to $24.
解説
- Avalanche （AVAX） is at a critical juncture, with its price
attempting to break a key resistance level that could make a significant portion of its holdings profitable.
– The GIOM indicator highlights the importance of the $29 to $34 range, where substantial AVAX holdings were acquired.
– Technical indicators such as the 23.6% Fibonacci Retracement level provide crucial support and resistance points, influencing AVAX’s price movements.
– Investors should closely monitor the $33 resistance level to gauge the potential for continued recovery or further downtrend.
– Understanding these technical factors and market sentiment can help investors make informed decisions and manage their positions effectively in the volatile cryptocurrency market.