Avalanche’s price has been spiking for the past few weeks, but this could continue if certain key levels are maintained on its price chart. This was made known by Rekt Capital in a post on X.
The analyst presents a case for AVAX’s potential upward trajectory, noting the asset’s rally without retesting the crucial $38.57 support level. This bullish momentum demonstrates the underlying strength in AVAX’s market structure, according to the analyst.
Rekt Capital identifies $38.57 as a significant support level that AVAX price bypassed during its recent surge. The analyst emphasizes this level will likely serve as a natural dipping point during future retracements, providing potential entry opportunities for traders.
The analyst points to $54.23, the March 2024 high, as the key level AVAX needs to reclaim for continued upward momentum. This price point represents a critical threshold that could trigger further bullish action if successfully breached.
The cryptocurrency has shown some strength by breaking through multiple resistance levels, including a significant downward-sloping trendline. Rekt Capital notes that AVAX’s decisive break above the previous downtrend channel signals a potential shift from bearish to bullish market structure.
Future Price Scenarios for Avalanche (AVAX)
The following are the two potential scenarios for AVAX price:
Support Confirmation: A retest of $38.57 could strengthen this level as support
Bullish Continuation: Breaking above $54.23 could catalyze a move toward $65
Rekt Capital maintains that while AVAX’s current trajectory appears strong, the asset’s ability to reclaim and hold above $54.23 will be crucial for confirming higher price targets.
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