Munzir HakimiTable of Contents
Avalanche’s Meteoric Rise: Will It Continue?
Introduction:
Avalanche (AVAX) has surged by an impressive 25% since Wednesday, driven by the Federal Reserve’s announcement of a significant interest rate cut. Currently trading near $28, AVAX is testing a critical resistance level that could determine its future price action.
Key Resistance Levels
- Current Price: $27.39
- Resistance Level: $28
- Potential Targets: $33, $41.30, and $54
Carl Runefelt on X
AVAXUSDT chart on TradingView
Avalanche Testing Key Supply Levels
The recent surge in Avalanche’s price has caught the attention of analysts and investors alike. Carl Runefelt shared a bullish technical analysis on X, indicating that AVAX has broken out of a falling wedge pattern—a classic indicator for bullish momentum.
Price Levels To Watch
Avalanche is currently trading at around $27.39 after testing the daily 200 exponential moving average (EMA) at $28.66.
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If bulls can break through this resistance and reclaim it as support, it would signal a more sustained uptrend for AVAX.
“If Avalanche fails to break through this level,” analysts warn, “it risks a pullback that could see prices retest previous support levels.”
Conclusion:
The next few days are crucial for Avalanche as it tests key supply levels amid increasing investor interest and broader market optimism following recent Federal Reserve actions.
