Experts Talk About Avalanche (AVAX): Things Could Turn Around.

Avalanche (AVAX) is currently trading at a critical support level around $24. Technical indicators suggest that the popular altcoin is in a bearish trend but are signaling a possible reversal. Analysts believe that if $AVAX breaks above $28, buying pressure will increase. According to crypto experts, despite its high volatility, if AVAX can break above $28, it could rise to $40 in the short term.

AVAX is still in a downtrend and its price action is trading below the 20-day simple moving average (SMA) at $26.81. AVAX is currently trading at $24.15 and is approaching the lower Bollinger band at $23.98, indicating bearish pressure. If the price breaks above the 20-day SMA, it could be a bullish signal.

The Relative Strength Index (RSI) is currently at 37.54, indicating a weak downtrend and is generally close to the oversold zone below 30. If the RSI breaks above 50, it could signal a positive trend. Currently, AVAX’s support and resistance levels are seen as the 20-day SMA at $26.81 and the upper Bollinger band at $29.63, respectively, which could limit the price’s upward movement.

An analyst known as Ak47 on the X (Twitter) platform suggested that AVAX’s consolidation around $24 could be preparing for the next upward move. $28 is a significant resistance level for the popular altcoin. A breakout above this level could trigger a rally towards $40.

The analyst noted that the $40 level has been tested before and sees this level as a profit-taking point. In the charts, the analyst emphasizes the formation of a downward triangle formation and the importance of an upward break.

If AVAX remains above the $24 level and shows an upward trend, $40 can be targeted with the upward break of this formation. However, if the price cannot break the $28 resistance, there is a possibility of a pullback below $24.

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