Where is this correction taking us? How far down can it go, right?
I think these are the questions that are relevant to us right now.
Going back to MA200, we can easily see that it remained unchallenged as resistance in this inverted correction. Also, we can see the rounded top, this curve always reveals the change from one side to the next. When prices are rising you never get a curve, instead we see higher highs.
12-13 is a major support level for this drop, AVAXUSDT (Avalanche) can definitely find support here at first, but, will it break lower?
The October 2023 low sits around 8.88 but prices don't necessarily have to test the last low. We do see a lower low coming but the chart doesn't call for the extreme, but it can happen.
The main price range is 12-13 followed by 9-10. Remember, there will be a period of consolidation before the next bullish wave. This is the last major drop of 2024 and the corrective phase. After this, we are green long-term.
Thank you for reading.
Namaste.
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