Avalanche (AVAX) Breaks Key Resistance, Shows Strong Bullish Momentum Amid Market Strength
Avalanche’s AVAX token has shown significant strength, breaking free from a multi-week correction phase and showing impressive upward momentum, even as broader market uncertainties, including geopolitical tensions, continue to affect the cryptocurrency sector.
The CoinDesk 20 Index (DLCS), which tracks the performance of top digital assets, has risen 4.12% in the past 48 hours, climbing from 1403.33 to 1461.17. This strong price movement mirrors the bullish action in AVAX, further reinforcing the upward momentum in the market.
AVAX’s recent breakout above the $20.40 resistance level marks a critical point in its price action. According to CoinDesk Research’s technical analysis, this surge is supported by positive developments within the Avalanche ecosystem, contributing to the current rally.
Key Technical Insights:
- AVAX has surged from $18.87 to $20.89, reflecting a 10.7% gain in recent trading.
- The token is following a clear upward trend, with higher lows creating a strong support level around $19.50.
- After consolidating between $19.30 and $19.70 on April 20, AVAX experienced a major breakout on April 21, surpassing the $20.00 level with a notable increase in volume.
- In the last 48 hours, AVAX’s price action has shown accelerated momentum, breaking above the $20.40 resistance and forming a bullish flag pattern, signaling potential further gains.
- The next critical resistance level is $20.90, and Fibonacci extension levels suggest $21.50 could be the next target.
- Over the past 100 minutes, AVAX rose by 2.1%, moving from $20.61 to $21.04.
- Between 13:20 and 13:40, the price consolidated between $20.50 and $20.60, before launching a strong rally.
- The breakout at 14:40 came with significant volume (146,387 units), establishing new support at $20.80.
- High-volume candles from 14:44 to 14:48 pushed the price through the key psychological level of $21.00, with the highest volume spike recorded at 14:47 (142,112 units).
- This breakout confirms the bullish trend set in motion over the previous 48 hours, with Fibonacci targets indicating $21.50 as the next significant level to watch.
