Avalanche's native token, AVAX, is showing signs of a potential bullish breakout as it remains above a long-term ascending support line within a symmetrical triangle pattern. According to the results published in the material, this technical formation has traders closely monitoring the price action, especially as it approaches key resistance levels.
AVAX Testing Critical Support Line
Currently, AVAX is testing a critical ascending support line that has proven resilient during a prolonged period of consolidation. The 50-week moving average, positioned around $27, acts as a significant overhead resistance, with breakout targets set at:
- $30
- $55
- $80
- $120
Volume Accumulation and Momentum Indicators
Volume accumulation below the $20 mark, coupled with an upward tilt in the Relative Strength Index (RSI), suggests that momentum could build if these support levels hold firm. Historically, each interaction with the lower trendline of the symmetrical triangle has resulted in strong rebounds, underscoring the importance of these support levels in shaping future price movements for AVAX.
Ethereum has recently seen a rise in bullish sentiment due to increased institutional investments and promising technical indicators. For more details, see the full report on this development here.