Aaryamann Shrivastava
FXStreet
- AVAX price recovered its November 2022 crash losses following the 17% spike in value on Friday.
- Avalanche will need bullish support in order to sustain this rise and rally toward the next critical resistance level.
- If the rise in price is countered with a correction and bearish cues are triggered, the altcoin could lose its immediate support at $19.78.
AVAX price, unlike other altcoins, charted its own path over the last 24 hours, registering a steep incline. This rise in value highly benefitted the investors that had been holding onto the altcoin since the FTX-induced crash first occurred, as their losses were finally invalidated on Friday.
AVAX price to remain in the green
AVAX price shot up by more than 17% in the last 24 hours to breach the $20 mark and close at $21.18. However, after a minor decline, the cryptocurrency can be seen trading at $20.88 at the time of writing.
Going forward, if AVAX price intends to sustain this rise, the buyers might need to step up and replicate their behavior from the last few days. The altcoin is right at its immediate resistance at $21.47, and even a slight push will flip this resistance into a support floor.
From here on, Avalanche must breach the critical resistance at $22.95, this will allow for a further increase in price toward $25.94, marking a 23% rally.
AVAX/USD 1-day chart
But if the candles change their color to red to correct the spike from Friday, AVAX price could decline to tag $19.78. Maintaining this support is crucial for the altcoin, as losing it would push the price to $18.62.
Although, Avalanche will find an opportunity to bounce off the next critical support level at $17.11, losing which would invalidate the bullish thesis, bringing the altcoin to $15.96 and lower.
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