- Avalanche Price shot up by 8% in 48 hours and it broke out of the resistance at $28 on a good volume base.
- Price reached its peak at $29.50 and then settled down, making higher highs and higher lows.
- The spike in the volume validates the motion of bullishness and the next level of resistance is set at $31.
Avalanche Price has gone more than 8% in the last 48 hours, which indicates an indicative large change in the market momentum. This swift price gain supported by expanding volume and optimistic technical patterns is attracting fresh interest among traders. With AVAX breaking above critical support lines, and establishing a base at new highs, positive investor momentum is developing, and suggests the potential further gains in the near future.
Avalanche Price Builds Bullish Momentum: Is a Break Above $30 Imminent?”
The Avalanche Price chart (15-minute interval) indicates a strong upward movement in the last 48 hours, with the price rising about 8%, between about $26.50 and at a high of about $29.50. Such a breakout indicates a new wave of the bullish canter that can put AVAX on the path to a bigger rise.
In the first instance, AVAX would consolidate along a sideway channel between $26.00 and $27.00. A midday breakout was experienced on 10 th with heavy bullish candles and rising volume. This was the onset of a fast-tracked upward trend that saw AVAX rise past the psychological barrier of $28.00.
The price temporarily spiked up to about $29.50 but has since experienced a bit of profit-taking, falling back to $28.80, which is a healthy retracement, signifying consolidation, and not reversal of the trend. More importantly, AVAX is now setting higher lows and highs, which is a typical bullish trend.
The breakout is facilitated by a significant increase in the number of green volume bars, particularly in the rally between 12:00 and 18:00 on the 10th. An accumulated buying interest and steady volume on green candles is an indication of accumulation, not a sign of a speculative spike. The recent bar, having a high volume of about $28.80, indicates fresh interest at this support and hence the renewed interest at this level.
With AVAX above $28.00 and reentering the $29.00-$29.50 a breakout to $30.$50-$31.00 is probable. The bullish scenario would also be enhanced by RSI and MACD confirmation.
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