AVAX Price Retests Ascending Channel Pattern's Lower Support Tre

27 Okt

Since August, AVAX has followed a pattern of higher highs within an ascending wedge, breaking free from a previously dominant downtrend. However, amid recent market volatility, AVAX has shown a persistent downtrend, with a 3.10% drop in the past day and an 8.70% decline over the week. Over the last month, the token fell nearly 10%, bringing its year-to-date loss to 41.60%.

Currently, AVAX finds support near the $25 level and the lower edge of its ascending wedge. A break below these levels could lead to a significant downturn. If market uncertainty intensifies, AVAX may retest its $24.30 trendline, and in a bear-driven Q4, it could fall further to key lows around $20 and $17.

On the upside, a bullish reversal could see AVAX retesting resistance at $33.06 this month, potentially signaling a successful Change of Character (ChoCh). Should bullish momentum persist, AVAX could climb to higher resistance levels of $39 and $49 in the coming sessions.