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- Avalanche (Avax) recently broke a significant level of resistance, rising to maximum $ 23.
- The setback from the barrier that had previously limited its ascending impulse could offer the bassists a certain hope.
- But can the bullies maintain the pressure and point to the key obstacle of 40 dollars below?
The recent Avalanche price action occurs after a consolidation period. While optimism persists, Token Avax has fallen near the support level, with a price close to $ 21. It should be noted that Avax was quoted in a narrow range between $ 18 and $ 20.50 after bouncing from minimums of $ 14.5 registered at the beginning of the month.
The rupture above $ 23 occurred in the midst of Bitcoin’s rebound to $ 94,000, in line with the general market yield. The bullish impulse completed a significant recovery and the formation of a possible cup and handle pattern.
The buying action has been accompanied by an increase in the volume of operations, which indicates a strong upward interest.
Potential upward factors of the price of Avalanche
The feeling of the market is driven by the solid foundations of Avalanche and the return to the fore of decentralized finances (defi) and the gaming tokens. The Avalanche ecosystem has benefited from it, including recent collaborations.
Requests for funds quoted in the stock market (ETF) of cryptocurrencies in cash and the offer of other institutions oriented to institutions have promoted the native token of Avalanche.
The US stock and values commission. UU. (SEC) has contributed to enthusiasm to recognize Vaneck’s request for an Avax in cash. These events provide a solid context for the increase in the price of AVAX, since the utility and scalability of the network remain competitive in the laychain space of layer 1.
On-chain data offers a clearer vision. The whale activity has increased, with a peak of large volume transactions during the last week, which suggests an accumulation by the main holders. Meanwhile, the number of active addresses in the Avalanche network has increased by 15 % in the last month.
An increase above 20 USD could make AVax exceed 28 USD and point to an increase of almost 100 % to exceed USD 40.
Technical Image of Avax’s price
Alcistas must maintain a sustained purchase pressure to exceed key levels. However, technical indicators are bullish. The Relative Force Index (RSI) is close to 60, indicating a growing impulse without entering overbound territory. In addition, the MACD has shown a bullish crossing, which further supports the idea of a continuous upward movement.
However, challenges persist. The levels of $ 23 and $ 28, the latter coinciding with the 200 -day mobile average could represent a formidable resistance zone.
Avalanche’s rupture above $ 23 marks a crucial moment, with the technical and fundamental factors aligning for a possible rebound to $ 40. While the risks persist, the combination of the solid growth of the network, the upward indicators and the increase in chain activity positions Avax for greater profits, provided that the following resistance can exceed. A drop at $ 20 could make the AVAX price return to recent minimums of $ 14.
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