Avalanche (AVAX) Targets $32 Resistance After 40% Weekly Surge
Avalanche (AVAX) has reclaimed a critical level after a nearly 40% increase over the past week, reaching a three-month high of $26.84. Resistance is currently observed around the $27 mark.
Avalanche Targets $32 Resistance
- AVAX surged from $19 to $26.84 after hitting an 18-month low of $14.66 in early April.
- The cryptocurrency broke a five-month downtrend and formed a Cup-and-Handle pattern with a neckline at $23.
- Analyst Sjuul notes a target of $32, previously a support and resistance zone before market fluctuations.
- Analyst CW identified a sell wall near $27; breaking this could lead to a surge toward $36 and then $38.5.
- If rejected at $27, prices may revisit breakout levels around $20, where support exists.
AVAX To Repeat BTC And SOL’s Playbook?
- Crypto Amsterdam indicates AVAX mirrors a setup seen in Bitcoin and Solana charts across five cycle stages.
- After its ATH of $146 in November 2021, AVAX established a range between $20-$130 and fell below this range mid-2022.
- It reclaimed the range low in late 2023, entering the fourth stage of recovery with last week’s breakout.
- To continue upward, AVAX needs to reclaim the mid-range at approximately $75; falling below local bottoms would invalidate this trajectory.
