TLDR:
- AVAX forms a symmetrical triangle, signaling a possible breakout after months of consolidation.
- Key resistance levels sit at $22 and $24, with strong buying support around $18 and $16.
- AVAX could target $71 if the breakout confirms above $25 with rising volume.
- Trading volume and chart structure indicate investor accumulation near current levels.
Avalanche (AVAX) shows promising signs of breaking out from months of consolidation. The crypto has been trading within a defined range between key support and resistance levels.
Analysts suggest this extended sideways movement could soon give way to upward momentum. Technical patterns indicate the AVAX price has formed a symmetrical triangle formation on the charts. This consolidation phase has lasted several months as buyers and sellers battle for control.
The token currently maintains strong support levels while testing upper resistance boundaries. Trading volume has remained relatively stable during this accumulation period.
Experts believe these conditions often precede major price movements in crypto markets.
AVAX trades at $21.25, with a 24-hour trading volume reaching $361,467,839 at press time. The token gained 3.73% in the past day but declined 9.82% over the week. This recent performance portrays broader crypto market swings affecting most digital assets.
The cryptocurrency ranks 17th by market capitalization on CoinGecko with substantial trading activity. Despite weekly losses, AVAX has maintained crucial support levels that technical analysts consider bullish. Market participants view the current price range as an attractive accumulation zone for long-term investors.
Critical AVAX Resistance Levels Define Breakout Path
Technical analyst CW identifies two major sell walls that could determine AVAX’s price direction.
The first resistance barrier sits at $22, where previous selling pressure concentrated. Breaking through this level would signal the beginning of renewed bullish momentum.
$AVAX Update:
Price has been consolidating between support and resistance for months — and it looks like a breakout is getting closer. 🔥
We’re holding support well, so this could be a solid time for accumulation.
Breakout target: $7