- Avalanche trades in a tight range before bulls push a 22% rise, facing resistance at $43.
- MACD indicates strong buying pressure, suggesting a potential retest of the $45 resistance.
- If bulls maintain above $43, AVAX may target $45 and $50; bears threaten a drop to $30.
Avalanche (AVAX) has demonstrated a notable trading pattern, initially confined between $19 and $24 for two weeks, then breaking out with substantial momentum. This breakout, however, met resistance at $28, leading to a period of sideways trading.
The bulls, not deterred, orchestrated a 27% price jump, only to face another hurdle at $35. After persistent efforts, they breached this barrier and propelled the AVAX token by 22%, before encountering rejection at $43. The token’s price then oscillated between $35 and $43, with a failed attempt to break past the $45 mark leading to a bear-driven pullback.
Currently, the bulls are eyeing another run at the $45 resistance level. The MACD indicator supports this bullish sentiment, displaying a rising green histogram that suggests strong buying pressure.
In the event the bulls are able to sustain the price above the $43 support, AVAX could potentially retest and perhaps breach the $45 level, setting the stage for an ambitious push towards over $50 this month.
Conversely, if the bears gain the upper hand, Avalanche might see its momentum wane, potentially falling to test the $40 support in the coming week, with a risk of further decline to $30.
The future of Avalanche (AVAX) in the cryptocurrency industry remains promising. With its dynamic market presence and the potential to overcome resistance levels, AVAX is poised for continued growth and influence within the evolving digital currency landscape.
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