Avalanche (AVAX) Breaks Key Trendline as Price Eyes $18 Resistance
Avalanche (AVAX) is currently featured in the news for signaling a technical changeover in its market pattern. This is because there might be a breakout from a strong downward trend. If the major supports show strong strength, a strong positive trend could be anticipated for AVAX.
At the time of writing, AVAX is trading at $13.72, having registered a decrease of 0.41% in the past 24 hours. The token has registered a trading volume of $493.25 million in the past 24 hours and has a market worth of $5.97 billion.
Avalanche Signals Trend Shift After Breakout
Recent chart analysis has also played its part in the rising positivity. Crypto analyst CryptoPulse has also given his views on the current scenario and has noted that AVAX has breached a descending line in the daily chart, which could be an indication that it no longer supports downward movement.
According to his analysis, the $13.4 level has now emerged as a crucial region to keep an eye on. As long as the price of AVAX is above that level, the next big barrier for the price will be found at the $18 region.
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Avalanche Momentum Builds Strongly
Further supporting the positive forecast, Vuori Trading noted that the AVAX has actually bounced from a target level that was established in a previous analysis. The levels that the analyst has established are very positive since even a simple pullback will be enough to break the levels of $70. If the overall market makes a positive movement, AVAX may break the levels of $240 to $660.
Although it is too early to tell what will happen in the shorter-term markets, it appears that the recent technical breakout and support that Avalanche established may be gaining some notice. This is assuming AVAX can continue to establish its current momentum.
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