- AVAX price is likely to pull back after a 22% rise at the $25.83 support level, allowing for another upside move.
- The recovery is important in determining whether investors should increase their holdings or consider turning a profit.
- The daily candle close that turns the $25.83 level into a resistance barrier disproves the bullish thesis.
The price of AVAX shows no signs of stopping as it bounced off a stable support level on August 2 and triggered a massive upside move. This move seems to have topped out for now and should back off a bit.
AVAX price remains unchanged
The price of AVAX jumped 32% between July 26 and July 30, ranging from $19.54 to $25.83. This massive move returned to the middle of the range at $22.68 over the next two days, forming the basis for the next leg.
Soon, the price of AVAX began another rise to the first target at $28.17. As investors continue to take profits, the uptrend is likely to weaken slightly, leading to a potential pullback to $25.83.
If this move shows strength after a pullback and holds above the aforementioned level, investors can bet here and expect the next target at $30.25 to be marked. Overall, this move would mean upside potential of 17% and likely where upside potential is capped by the AVAX price.
AVAX/USDT 1-day chart
While the AVAX price prediction is optimistic, investors should certainly pay close attention to the upcoming pullback. Retesting and holding the $25.83 support level would be positive.
However, if the AVAX price forms a daily candle close to the aforementioned level, tilting it towards the resistance level, this will invalidate the bullish thesis and potentially trigger a deeper pullback to $23.93 or $22.68.