AVAX Token Breaks Out with 10.7% Gain Amid Market Strength
Avalanche's AVAX token has emerged from a multi-week correction, showing resilience amid geopolitical tensions impacting cryptocurrency markets.
The CoinDesk 20 Index (DLCS) rose from 1403.33 to 1461.17 in 48 hours, marking a 4.12% increase, with a total range of 95.56 points (6.97%).
Technical Analysis Highlights
- AVAX increased from 18.87 to 20.89, a 10.7% rise.
- A bullish trend established support around 19.50.
- Following consolidation between 19.30-19.70 on April 20, AVAX broke out above 20.00 on April 21 with increased volume.
- A bull flag pattern formed, resulting in a breakout above 20.40, indicating potential for further gains.
- Resistance at 20.90 is now significant, with Fibonacci targets suggesting a move towards 21.50.
- In the last 100 minutes, AVAX moved from 20.61 to 21.04, a 2.1% gain.
- After consolidating between 20.50-20.60, the price initiated an upward movement.
- A breakout occurred at 14:40 with high volume (146,387 units), establishing support at 20.80.
- Subsequent high-volume activity pushed the price through the 21.00 barrier, with a peak volume of 142,112 units at 14:47.
- This breakout confirms the bullish pattern from the previous 48 hours, with targets indicating 21.50 as the next goal.