Cryptocurrency Avalanche (AVAX) displays signs of growth after holding support above the $20 mark for more than two weeks.
Current Price and Dynamics of AVAX
The current price of AVAX is $23.55, representing a gain of over 4% in the past week. This price movement is accompanied by a noticeable breakout from a falling wedge on the weekly chart. AVAX began to form a possible reversal structure, showing a sequence of lower highs and lower lows. Downward pressure has eased since the price exceeded the upper limit of the wedge.
Ascending Triangle Formation
On the daily timeframe, the bullish setup strengthens. AVAX is trading inside an ascending triangle, a chart pattern that typically supports upward continuation. Price action is nearing the triangle’s resistance, while the rising support trendline has consistently pushed higher. The Relative Strength Index (RSI) remains above the neutral line, emphasizing buyer activity and no signs of weakness.
Conclusion on AVAX Prospects
AVAX is forming a solid foundation for a potential rally, backed by bullish chart patterns and momentum indicators. As long as support at $20 holds firm, the path toward $30 remains open. If the current resistance continues, a drop may occur, and if bears strengthen, prices might be tested at $15.
Thus, the current situation around AVAX indicates a potential for price growth if key support levels are maintained.
