๐บ $AVAX : IโM NOT BUYING THE NEW-HIGH NARRATIVE YET
A lot of people are turning bullish on $AVAX after the recent move and expecting it to eventually trade above its 2024 high.
I see it differently.
AVAX has already printed a lower low compared with 2022, while the long-term descending trendline is still intact.
The levels Iโm watching are:
$16.4 โ $26 โ $36
I can absolutely see a strong recovery, even a move into the $40-$45 area.
But unless $AVAX can reclaim the long-term trendline and eventually break above the $54 region, I would still treat that move as a macro lower high, not the start of a new ATH trend.
Sometimes a big rally is still just a rally.
A lot of people are turning bullish on $AVAX after the recent move and expecting it to eventually trade above its 2024 high.
I see it differently.
AVAX has already printed a lower low compared with 2022, while the long-term descending trendline is still intact.
The levels Iโm watching are:
$16.4 โ $26 โ $36
I can absolutely see a strong recovery, even a move into the $40-$45 area.
But unless $AVAX can reclaim the long-term trendline and eventually break above the $54 region, I would still treat that move as a macro lower high, not the start of a new ATH trend.
Sometimes a big rally is still just a rally.
