Avalanche (AVAX) has been experiencing a period of consolidation in the market, with Bitcoin remaining within a narrow range. The altcoin has also faced a small pullback, dropping from its local highs at $26.88. Despite this, market participants remain bullish on AVAX, with expectations that the price could rise to $30 in the coming weeks.
Key Support and Resistance Levels for AVAX
The volatility of AVAX has increased since the price broke above horizontal consolidation in the last quarter of 2024. Despite a correction following this breakout, market participants remain extremely bullish on the token. The network’s high-speed subnets have been a game changer, leading to expectations that the AVAX price could rise to $30 in the next 10 days if momentum continues to build.
Bullish Momentum and Price Targets Ahead
Despite the recent bearish pullback, the Gaussian channel remains bullish, indicating that there is still potential for a bullish reversal. The price is currently testing a crucial support level at $22.75, which has been a strong resistance level since March. The MACD shows a drop in buying pressure, with a possibility of a bearish crossover. However, the levels remain within the bullish range, keeping hopes of a bullish reversal alive.
It is believed that the Avalanche price could test the average bands of the rising parallel channel around $21.45, providing a strong base for a rebound. A rise above $28 could help elevate the price above bearish influences, with a potential rise above $30 reinstating a bull run towards $50.
FAQs
– What factors influence AVAX price movements?
AVAX price movements are influenced by market sentiment, support at $22.75, resistance at $28-30, momentum indicators like MACD, and network upgrades like Subnets.
– Can AVAX price reach $30 or higher soon?
If AVAX breaks above $28 and $30, it could trigger a bull run towards $50.
– Why are investors still bullish on Avalanche despite pullbacks?
Investor confidence in Avalanche remains high due to high-speed subnets and network upgrades that have boosted the network’s capabilities.
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