AVAX is gaining attention in the crypto space and experiencing a surge in its price with the overall market. The AVAX price over the last 24 hours is up by 3.07%, and over the last week its price is also up by 19.97%.
The general market trend is now turning bullish as BTC is turning back towards its ATH around $123,000. This sharp increment has boosted the overall crypto market, including altcoins like AVAX.
At the time of writing, AVAX is trading at $22.05 with a 24-hour trading volume of $782 million, up by 30.36% over the last 24 hours. The coin has a market capitalization of $9.31 billion, which is also up by 3.09%.
AVAX Price Targets $56 After Key Resistance Test
Avalanche’s native token, AVAX, is flashing clear bull reversal signs after touching a traditional double-bottom setup, a well-known established technical pattern that almost announces a bear downtrend termination and the beginning of an advance. This setup means that the buyers managed to push back major support regions, which reduced selling pressure, therefore bringing back confidence to the market. Traders and investors are therefore monitoring AVAX price action closely to find out if the bounce receives more power.
Right now, AVAX is dealing with a giant sell wall around the price of $28.70, a large resistance point to favorable price action. Penetration of this level would be a significant technical breakout, making way for a potential breakout to $51, the larger target. Such a breakout could generate widespread interest from retail and institutional buyers, which would trigger more liquidity, sustaining favorable sentiment across the Avalanche ecosystem.
However, the most vital level for AVAX might be at the resistance level of $56, where a larger sell wall is currently observed. According to the analysts, a breakout of this section will confirm a complete bull trend, which might initiate a bull market period for Avalanche. This move could trigger a buying frenzy, taking AVAX into price discovery and making it one of the top altcoin gainers of the quarter. With momentum indicators in gear and volume consistently growing, the days and weeks to come will be most vital for AVAX’s long-term prospects.
