AVAXUSDT has recently encountered a formidable psychological barrier at $50, coinciding precisely with the 661.8% Fibonacci retracement level. This alignment presents an opportune profit-taking level for buyers, suggesting a potential shift in market sentiment. Traders could be inclined to initiate short positions on AVAX, possibly giving rise to an ABC corrective pattern in line with the Elliott Wave theory.
The critical factor to monitor is the adherence to the $50 level. As long as this psychological resistance holds, it signals a preparation for a robust C-Wave down, indicative of a corrective move in the broader market. Staying vigilant around this key level will provide insights into potential developments and opportunities in AVAXUSDT's price action.
The critical factor to monitor is the adherence to the $50 level. As long as this psychological resistance holds, it signals a preparation for a robust C-Wave down, indicative of a corrective move in the broader market. Staying vigilant around this key level will provide insights into potential developments and opportunities in AVAXUSDT's price action.
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It is advised to be careful on AVAX sell potential as an ABC correction could have been completed based on lower timeframe analysis.
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