$AVAX : With Fibonacci levels in play, is there still a chance of returning to the $100 range?
This weekly rebound thesis depends on holding the recent low first. The price is currently trading around $8.95.
Only after breaking through $26.839 and $32.692, in that order, will it have officially taken the first step toward $48.655 and $65.150.
The price won’t rise in a straight line. Pullbacks will occur along the way, with the goal of turning previous resistance levels into support.
Once it holds above $65, the 1.618 Fibonacci extension level is at $101.753, with horizontal resistance at $103.728 nearby. These two levels overlap, forming the key target zone around $100.
But this bullish scenario depends on one major condition: the recent low must hold. If it breaks below that level, the entire bullish outlook is invalidated.
This weekly rebound thesis depends on holding the recent low first. The price is currently trading around $8.95.
Only after breaking through $26.839 and $32.692, in that order, will it have officially taken the first step toward $48.655 and $65.150.
The price won’t rise in a straight line. Pullbacks will occur along the way, with the goal of turning previous resistance levels into support.
Once it holds above $65, the 1.618 Fibonacci extension level is at $101.753, with horizontal resistance at $103.728 nearby. These two levels overlap, forming the key target zone around $100.
But this bullish scenario depends on one major condition: the recent low must hold. If it breaks below that level, the entire bullish outlook is invalidated.
