Despite a broader market correction, Avalanche’s value surged by more than 15% in the last day, ranking among the top-performing assets.
Avalanche’s AVAX had been trading within a narrow range of $16.49 to $19.07 for about a week. However, it recently broke out of this range, rallying to $23.97 before encountering resistance. Following this, it consolidated between $19.07 and $23.97 for three weeks. Later, as the market momentum strengthened, it surged, approaching its $27.46 resistance level. Subsequently, it experienced a 28% jump, facing rejection at $35 before finally breaking out, nearly reaching $35 as its new support/resistance level.
Recently, it spiked over 15%, marking a new yearly high. The MACD indicator consistently showed a green histogram, signifying increased buying pressure. The moving averages suggest a notable upward trajectory in the price ahead.
Predicting AVAX’s Future: Should the bulls uphold the price above $40.01, it might gear up to challenge the $42.50 resistance level. Sustaining this level could set the stage for AVAX to aim for an upper resistance level of $45.
However, a failure to surpass the $42.5 mark might lead to a loss of momentum, potentially testing the $40 support level. A trend reversal could drive the price downward, aiming for the $35 lower support level by month-end.
