AVAX Establishes Strong Support Levels After Recent Price Breakout
Avalanche's token AVAX has broken out of a consolidation phase, establishing strong support levels. It is up 0.8% in the last 24 hours.
The CoinDesk 20 index lost 0.4% during the same period.
Key Points:
- AVAX showed resilient price action, forming a small uptrend.
- Initial consolidation occurred between $17.13-$17.35, with a breakout at significant volume and strong support at $17.07.
- Higher lows were established, with resistance at $17.63 tested multiple times, indicating potential for continued upward momentum.
- AVAX displayed volatility, recovering from $17.37 to $17.45 (0.50% gain).
- A double bottom pattern formed after a correction to $17.36, leading to a rally with increasing volume.
- Price bounced back from $17.37 to $17.46, suggesting renewed buying interest.