Just a day ago, AVAX achieved a significant milestone by breaching the $50 resistance level, soaring to $61.46. However, this upward momentum was short-lived as the buying pressure waned, leading to a swift rejection and subsequent price drop.

In the past 24 hours, bears have seized control, exerting selling pressure and contributing to a noticeable loss in AVAX’s price. Despite this setback, optimism prevails as AVAX maintains a bullish outlook on the weekly timeframe. Nonetheless, further pullbacks could precede a robust resurgence, especially as signs of strength on lower timeframes are yet to materialize.

The recent downturn has emboldened bearish sentiments, evident in the ongoing dominance of selling activity. This downward pressure has translated into tangible losses and a modest pullback in AVAX’s market performance.

Nevertheless, optimism prevails for AVAX, particularly when considering its strong bullish stance on the weekly timeframe. Although further pullbacks may precede a full-throttle bullish resurgence, signs of strength on lower timeframes have yet to materialize.

The prospect of breaching the monthly low raises concerns about a potentially catastrophic drop, potentially revisiting yearly lows or even lower depths. However, from a technical standpoint, such a scenario appears improbable given the current market structure, with a bullish trajectory remaining the more plausible outcome.

Anticipation mounts for AVAX to validate its upward momentum by surpassing recent highs. However, in the wake of the recent dip, it may take some time for AVAX to establish a robust support level conducive to a rebound.

While the prospect of a catastrophic drop remains unlikely from a technical standpoint, it’s essential for AVAX to reclaim key support levels to sustain its upward trajectory. Failure to do so could result in a broader pullback, potentially revisiting yearly lows.

In navigating these market dynamics, AVAX’s key levels come into sharp focus. The $61.45 level, serving as weekly resistance, represents a significant hurdle to overcome. A decisive break above this level could pave the way for further gains, with targets at $65 and $70 becoming increasingly viable.

Conversely, maintaining support above $50 is crucial to reigniting bullish momentum. A solid bounce from this level would signal renewed investor confidence and likely attract buyers back into the market. However, should AVAX falter, support at $45.2 becomes pivotal. A breach below the weekly low of $40 could trigger a short-term downturn, prompting a broader pullback.

Over the past 24 hours, AVAX witnessed a noticeable decline, echoing the broader trend of market uncertainty. Despite this short-term setback, the overarching sentiment remains bullish when examining the daily chart. However, heightened selling pressure in hourly intervals has contributed to the current weakness in AVAX’s price.

Just yesterday, AVAX celebrated a significant milestone, surging to $61.46 following its breakthrough of the $50 resistance level earlier in the week. However, this jubilation was short-lived as buying pressure waned, resulting in a subsequent price drop due to rejection.

In conclusion, while AVAX grapples with temporary price weakness, its long-term bullish trajectory remains intact. As the cryptocurrency market continues to evolve, investors are closely monitoring AVAX’s ability to overcome recent challenges and regain its upward momentum.