Avalanche (AVAX) Aims for Breakout with Resistance at $26.65
As the crypto market braces for an altcoin season, Avalanche (AVAX) shows signs of a bullish recovery. Currently trading at $25.48, AVAX has broken through a local resistance trendline and is targeting a resistance level of $26.65.
Avalanche Technical Analysis
- AVAX price exhibits a bullish breakout from a descending triangle pattern.
- Current resistance at the 23.6% Fibonacci level of $26.65.
- Positive momentum indicators: MACD moving upward and RSI recovering from oversold conditions.
- Potential price target at $28.49, with further upside possible to $37.82 if the reversal completes.
- Key support levels identified at $24 and $22.60.
Analyst Insights
- Analyst Ted Pillows notes three consecutive bullish candles indicating strong support for AVAX.
- Anticipates significant movement if AVAX maintains a four-hour close above $26.
- Price target of nearly $30 suggested for a potential breakout.
Whale Activity
- Overall AVAX holdings have decreased, reflecting bearish sentiment among large investors.
- Investors holding over $10 million sold off $780 million in AVAX, reducing total holdings from $2.29 billion to $1.51 billion.
- Total AVAX holdings have dropped from $3.62 billion to $2.66 billion.
On-Chain Indicators
- Global In-Out-Of-Money Indicator shows a supply zone forming between $25.78 and $27.98, containing 6.2 million AVAX tokens.
- The At-The-Money zone spans $23.41 to $25.78 with 15.31 million AVAX tokens becoming profitable.
- Next price targets are set at $27.91 and up to $35.21 based on current indicators.
- Support levels stand at $23.41 and $21.38.