Avalanche (AVAX) Gears Up for Major Rally: Technical Indicators Point to $25 Breakout
Avalanche (AVAX) is showing promising signs of a potential breakout as it continues to consolidate around key support levels. After a 36% rally between August 5 and August 8, AVAX entered a consolidation phase, retracing to around $20. This period of consolidation suggests that AVAX is building momentum for its next upward move, with technical indicators pointing to a potential breakout towards the $25 level in the near term.
Technical Analysis: The current technical setup for AVAX is largely neutral, but with a bullish tilt. The Moving Average Convergence Divergence (MACD) indicator is showing a slight bullish signal, and the Keltner Channels suggest that AVAX is trading within a tight range. The critical support at $20 has held firm, with bulls demonstrating resilience by defending this level against bearish pressures. If AVAX can break above the $23.34 resistance level, it could quickly target the psychological $25 mark, where further resistance may be encountered.
On the downside, the lower band of the Keltner Channels, around $19.47, provides a strong support level. As long as AVAX remains above this zone, the bulls have a chance to push the price higher. The current market sentiment is increasingly optimistic, with traders positioning themselves for a potential rally​ ( CoinGape )​ ( FX Empire ).
Market Sentiment and Forecast: The bullish outlook for AVAX is reinforced by recent market activity, where traders have mounted significant long positions. The imbalance between long and short positions indicates strong confidence in a continued upward movement. Analysts are optimistic that a successful breakout above the $23.34 resistance could lead to a rapid move towards $25, with the potential for even higher gains if bullish momentum continues to build.
Read More: https://onthenode.com/cryptocurrency/avalanche-avax-gears-up-for-major-rally-technical-indicators-point-to-25-breakout
Avalanche (AVAX) is showing promising signs of a potential breakout as it continues to consolidate around key support levels. After a 36% rally between August 5 and August 8, AVAX entered a consolidation phase, retracing to around $20. This period of consolidation suggests that AVAX is building momentum for its next upward move, with technical indicators pointing to a potential breakout towards the $25 level in the near term.
Technical Analysis: The current technical setup for AVAX is largely neutral, but with a bullish tilt. The Moving Average Convergence Divergence (MACD) indicator is showing a slight bullish signal, and the Keltner Channels suggest that AVAX is trading within a tight range. The critical support at $20 has held firm, with bulls demonstrating resilience by defending this level against bearish pressures. If AVAX can break above the $23.34 resistance level, it could quickly target the psychological $25 mark, where further resistance may be encountered.
On the downside, the lower band of the Keltner Channels, around $19.47, provides a strong support level. As long as AVAX remains above this zone, the bulls have a chance to push the price higher. The current market sentiment is increasingly optimistic, with traders positioning themselves for a potential rally​ ( CoinGape )​ ( FX Empire ).
Market Sentiment and Forecast: The bullish outlook for AVAX is reinforced by recent market activity, where traders have mounted significant long positions. The imbalance between long and short positions indicates strong confidence in a continued upward movement. Analysts are optimistic that a successful breakout above the $23.34 resistance could lead to a rapid move towards $25, with the potential for even higher gains if bullish momentum continues to build.
Read More: https://onthenode.com/cryptocurrency/avalanche-avax-gears-up-for-major-rally-technical-indicators-point-to-25-breakout
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