My technical analysis of AVAXUSDT charts

AVAXUSDT 4-Hour Chart [Adapted from Binance]

The AVAX chart is quite an interesting one. In the 4-hour time frame, there has been an uptrend for a while. The price of AVAX has been on a steady rise. However, from the charts, you can see multiple levels of support and resistance.

From the 4-hour chart, there was initially a period of consolidation at the bottom of the chart. The price was just moving horizontally without moving upwards or downwards. You can see that I drew a rectangle to highlight this area of consolidation. Then eventually, the price took off in the upward direction and started an uptrend. This shows that buyers went into the market with a strong force to push price up.

The price got to around $34.366 and met strong resistance as it was pushed back down. That price is obviously a significant level in the charts because it later served as support level twice on the chart. As the price got resisted at $34.366, it hit $31.7 which served as support, and then it jumped back up until it got resisted again at $37.9. This resistance level of $31.7 is also a crucial level because it went on to become a support level multiple times later on in the chart.

The price got resisted again at $43.2, and then made its way back down until it hit support at $34.366 which was formerly a resistance level.

The level of $43.2 is also a significant level because it served as resistance and also support. The price went further up to $48.9 and was resisted until it got to support at $43.2 before bouncing back up to $48.9 again where it was resisted strongly. The price went downwards until it hit a familiar support level of $37.9, before bouncing back up, making its way in the upward direction.

One important thing to take away is that the prices of $31.7, $34.366, $37.9, $43.2, and $48.9 are all significant levels in the AVAX chart.

AVAXUSDT 1-Day Chart [Adapted from Binance]

From the 1-day chart, you can see that the price moved in an upward direction until it started consolidating around $19.37. I indicated this consolidation area with a rectangle. After consolidating, there was a massive pump and the price continued on the uptrend until it got resisted at $50.04.
That's my analysis. Thanks for reading.

Note: This article should not be taken as financial advice