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- AVAX rebounds 18.9% from its monthly low, signaling potential upward momentum.
- Key resistance at $27.2 could trigger a push toward the $32 target.
- Technical indicators suggest bullish movement, with MACD nearing a crossover.
Avalanche (AVAX) has started showing signs of recovery after dropping 15.55% from its monthly high. Over the past week, the token gained 3.38%, hinting at a potential rebound. What’s more, the coin has recovered 18.90% from its monthly low and 14.95% from its weekly low. As the post below suggests, AVAX might be gearing up for a stronger upward trend.
$AVAX Starting to like how this one is shaping up on the higher timeframes.
Came down all the way to the .786, making a higher low as we speak.
Needs to clear this downtrend line and ideally the white region around $28 to really flip this trend around.
Will be monitoring. pic.twitter.com/13rB7yjbKT
— Daan Crypto Trades (@DaanCrypto) September 8, 2024
Key Support and Resistance Levels
As of writing, AVAX is trading at $23.6, hovering just above the crucial support level of $23.5. If the token maintains this support, it could aim for the next resistance at $27.2.
Source: Trading View
Breaking this resistance could trigger more buying pressure, pushing the price towards the $32.00 level. Technical indicators also support the idea of a bullish movement.
The MACD is close to a crossover, which often signals an upward shift. Additionally, the price sits above the middle Bollinger Band, indicating a more stable market outlook.
What’s Driving AVAX’s Strength?
AVAX’s resilience stems from its scalable architecture, which attracts both developers and businesses. Its partnerships also boost its appeal.
A key example is its collaboration with Pressman Film, which uses blockchain for entertainment. This kind of innovation helps AVAX stand out in a crowded market, offering long-term growth potential.
In the AVAX/BTC pair, the token is trading at 0.0004299 BTC, facing resistance at 0.0004347 BTC. Despite this challenge, AVAX is holding its ground above the middle Bollinger Band.
The MACD also suggests a possible bullish reversal, signaling that a breakout could be on the horizon. A successful push past $27.2 could open the door to the $32.00 mark, fueling a broader rally.
In the long term, the token’s strategic partnerships and scalable platform set it up for sustained growth. For now, traders should keep an eye on its price movements as AVAX works through these important levels.