AVAX
The price is moving within a descending channel on the 1-hour timeframe; it has reached the lower boundary and is poised for a rebound. A retest of this boundary is expected, supporting some upward movement.
The Relative Strength Index (RSI) indicates a bearish trend, but an upward breakout is likely due to oversold conditions on the 1-hour chart.
There is initial support at the 7.00 level.
A key support zone (marked in green) exists at 6.70; the price has bounced off this area multiple times, making it a strong support level.
The price is moving toward the 100-period moving average, which is within close range. This movement supports a rise.
Entry Price: 7.39
Target 1: 7.48
Target 2: 7.62
Target 3: 7.78
Stop Loss: At the green resistance zone.
Remember this simple rule: Capital management.
If you have any questions, please leave a comment.
Thank you.
