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The price of AVAX does not show any signs of stopping: on August 2, it bounced off a stable support level and began a sharp rise. It seems that at the moment this movement has not reached the upper limit.
Between July 26 and July 30, the price of AVAX increased by 32%, creating a range of $19.54 to $25.83. Over the next two days, this massive move pulled back to the middle of the range at $22.68, setting the stage for another upside move.
Soon enough, the price of AVAX started a new rise towards the first target at $28.17. It is possible that investors will start taking profits, so the uptrend is likely to be delayed. A potential pullback to $25.83 is also not ruled out.
Still, the rise of the crypto market indicates a more likely test of resistance at $30.25. Such a move would mean a 17% upside and will likely limit AVAX’s upside potential at this point.
And although the AVAX price forecast is quite optimistic, investors should consider a possible pullback. At the same time, we note that retesting and holding the support level at $25.83 will be positive, as it will create the basis for a new rally.
If the price of AVAX closes the daily candle below the aforementioned level, turning it into a resistance level, this will deprive the bullish thesis and lead to a deeper pullback to $23.93 or $22.68.
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