Avalanche’s token
recently broke out of a consolidation phase, establishing strong support levels, according to CoinDesk Research’s technical analysis model. The token is up 0.8% in the last 24 hours.
Technical Analysis
• AVAX demonstrated resilient price action during the 24-hour period, establishing a small uptrend.
• After initial consolidation between $17.13-$17.35, AVAX broke out with significant volume, forming strong support at $17.07 confirmed by above-average volume during reversal.
• The asset established higher lows throughout the period, with resistance at $17.63 tested multiple times, suggesting accumulation phase completion and potential for continued upward momentum.
• AVAX displayed significant volatility with a strong recovery pattern, rising from $17.37 to $17.45 (0.50% gain).
• After an initial uptrend to $17.46, AVAX experienced a correction to $17.36, forming a double bottom pattern before staging a rally with increasing volume.
• The final minutes showed price bouncing back from $17.37 to $17.46, suggesting renewed buying interest and potential continuation of the broader uptrend.
