AVAX Eyes Breakout While Consolidating Above Support Levels
Avalanche (AVAX/USDT) is trading near $30.44, consolidating after a strong rally that lifted prices from the mid-$20 zone. The cryptocurrency is now pressing against a trendline resistance while maintaining support from lower levels, signaling that traders are closely watching for a decisive breakout.
On the 4-hour chart, AVAX has respected its ascending trendline, with each higher low reinforcing bullish sentiment. The move above the $27 resistance area earlier this month marked a turning point, allowing buyers to push the price back toward the $30–$31 range.
BITX Market analysts believe the structure suggests further upside potential if momentum continues. “The $30 mark is not just a psychological barrier but also a technical one. A clear breakout above $31 could open the path toward $33 and beyond,” explained BITX technical strategist.
Volume data also reflects rising participation, which often signals stronger conviction from both retail and institutional traders. The consolidation above the green support block near $28.50–$29.00 is particularly important, as it shows buyers are defending recent gains.
Still, some caution is warranted. “If AVAX fails to maintain $29 support, a pullback to the $26 region cannot be ruled out. This would still keep the broader uptrend intact but might delay the next leg higher,” noted BITX analyst.
For now, AVAX is trading in a narrowing range between support and resistance, with the upward sloping trendline acting as a guide for bulls. The next move could define whether Avalanche cements its breakout above $30 or faces short-term selling pressure.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.