Altcoins News
By Dan Saada
1 / 11
Avalanche (AVAX) has overcome a significant technical hurdle after facing eight rejections earlier this year, hinting at a potential rebound in the altcoin’s price.
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At the time of writing, AVAX hovered around the $26.75 level, coinciding with a 50% increase in 24-hour trading volume according to CoinMarketCap.
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Technical Analysis: AVAX Breaks Out After Months of Resistance
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Technical charts show that AVAX’s daily candle has successfully broken above the $26.60 resistance level.
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However, caution is advised. The Average Directional Index (ADX) currently reads 15, indicating a weak trend.
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While bullish momentum is evident, on-chain data highlights some profit-taking among investors. Analytics platform CoinGlass reported that over $4.
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Despite this, traders are actively betting on long positions. Current liquidation levels show $23.75 million in long positions versus $6.87 million in shorts.
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Looking Ahead: AVAX’s Next Targets and Risks
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If AVAX maintains its momentum and the daily candle closes above $26.75, technical indicators suggest a possible rally toward $32.
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Conversely, failure to hold above $26.75 could lead to another period of consolidation or a potential decline.
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Avalanche’s recent price action indicates that AVAX is attempting to reverse months of rejections, with the $26.75 daily candle close serving as a critical benchmark.
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