Avalanche’s AVAX Token Approaching Crucial Resistance Level
Avalanche’s native token, AVAX, is currently positioned at a significant long-term weekly resistance level. The token recently broke above the resistance at $20.65, which had been rejecting rallies for over a year. Holding above this level could lead to a potential explosive rally upwards.
Breaking the Barrier
AVAX managed to close last week above the $20.65 resistance level for the first time in over a year. Previous attempts to break this barrier resulted in rejections and significant selloffs. Now that bulls have reclaimed this level, it needs to become a support level to sustain the positive momentum.
Potential Upside Targets
If $20.65 holds as support, the first upside target is $35, representing a 70% surge from the current price. In an extremely bullish scenario, AVAX could potentially reach $40 for a total gain of 100%. Reaching this level would also allow AVAX to retest the weekly resistance around $36.
Bullish Moving Averages
The short, medium, and long-term moving averages are presenting predominantly bullish signals for AVAX price. This consistency of buy signals indicates positive momentum building in the market.
Risks of Invalidating Bull Case
If AVAX falls back below $20.65, it would invalidate the bullish outlook and could trigger a wave of selling leading to a 22% decline towards the $16 support zone.
Hot Take: AVAX’s Potential for Major Bull Run
AVALANCHE’s AVAX token is currently positioned at a crucial resistance level. Breaking above this resistance and holding it as support could lead to significant gains for AVAX. With bullish moving averages and potential upside targets of $35 and $40, AVAX is in a delicate position that requires follow-through from buyers. Sustaining the breakout would ignite AVAX price action for its most substantial gains since the market downturn.
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