Avalanche (AVAX) Holds Key Support at $20 Amid Market Volatility

• AVAX holds $25 support amid volatility, with a critical resistance at $33. A break below may push prices toward $22 or lower.
• Fibonacci levels highlight key zones, with 0.618 at $32.34. A bounce above this could confirm potential bullish momentum.
• AVAX remains in a corrective phase, with a strong accumulation zone between $12.49 and $16.74 attracting historical buying interest.

Crypto analyst Ali shows AVAX/USDT on a 3-day timeframe with market movements as the price trades near a support level. AVAX recently reached a high of $26.950 before dropping to a low of $25.336. The current price remains around $25.517. Major support and resistance levels continue influencing price action as volatility persists.

The price previously surged to $56 before facing resistance and reversing downward. A failed attempt to hold the $33 resistance resulted in further declines. The bearish momentum intensified, bringing the price below $28, and placing it near a key horizontal level. If the $25 support fails, the next critical zone emerges near $22.

Market Structure and Key Fibonacci Levels

As per analyst More Crypto Online AVAX/USD in the 12-hour timeframe shows crucial Fibonacci retracement zones. The Elliott Wave count highlights various wave structures affecting recent movements. Fibonacci retracement levels stand at 0.618 ($32.34), 0.5 ($29.91), and 0.382 ($27.66). These levels represent essential zones where price reactions frequently occur.

Additionally, Fibonacci extension levels suggest potential price areas for further market movements. The 78.6% retracement level aligns with $22.28, while the 88.7% level corresponds to $19.80. A broader major support zone between $16.74 and $12.49 remains a critical defense area.

Corrective Phase and Future Price Projections

AVAX currently remains in a corrective phase, with price action forming a large three-wave structure labeled (A), (B), and (C). The failure to break key resistance levels has contributed to the ongoing bearish trend. Strong support persists within identified Fibonacci retracement zones.

Long-term Fibonacci extensions project possible bullish targets. These include $103.63, $156.94, and $202.16, aligning with previous market structures. However, AVAX must break above $32.34 to confirm potential upward momentum.

An accumulation zone appears between $12.49 and $16.74. This area historically attracted buyers, suggesting a strong support region. Market consolidation remains evident as price action continues to react to key Fibonacci levels and wave formations.

AVAX remains at a crucial juncture. A bounce from current levels could retest resistance at $33. However, failure to hold support might result in further downside . The market structure suggests continued monitoring of key Fibonacci levels to determine potential reversals or extended bearish pressure.