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AVAXUSD Market Analysis- August 8
Avalanche is showing signs of a significant bullish pullback following the recent major bearish shift in market structure.
AVAXUSD Key Levels
Support Levels: 26.00, $14.70
Resistance Levels: $33.60, $41.80
AVAXUSD Long-Term Trend: Bearish
From August to December 2024, Avalanche enjoyed a sustained bullish run. However, the momentum shifted in late December, leading to a prolonged bearish trend that extended into March 2025. This decline was marked by a decisive bearish break of structure, setting the tone for a bearish market bias.
Initially, a minor bullish pullback emerged, but upon reaching the $26.00 level, price met strong resistance and reversed into another bearish move. Market expectations at the time pointed toward a breach of the $14.70 demand zone. However, the decline was halted as price formed a notable double bottom pattern—a bullish reversal signal.
This double bottom formation suggests that Avalanche is likely to advance into a more pronounced bullish pullback. Price is projected to reclaim the $26.00 level and potentially extend toward the $33.60 target zone.
AVAXUSD Medium-Term Trend: Bullish
Following the double bottom, AVAX experienced a strong bullish breakout that pushed slightly above the $26.00 resistance. A temporary bout of bearish momentum then set in, creating a brief decline before the uptrend resumed.
This short-term retracement found support near the 0.618 Fibonacci retracement level, a key zone that often signals a continuation of the prevailing trend. The reaction at this level fueled renewed bullish momentum, strengthening the case for further upside movement in the coming sessions.
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