AVAX has been rising steadily and is nearing a major stopping point at $32.72.
Traders are watching closely as AVAX could break by and continue its escalating track.
A probable pullback may occur if the token fails to surpass the refusal stage at $32.72.
Avalanche is maintaining a strong uptrend and consistently forming higher highs and higher lows. A recent analysis shows that its price is following a steady trendline around $28.27. Traders are now watching a crucial resistance level at $32.72. If AVAX manages to surpass this point, the price may continue rising. Yet if it struggles to break through, a pullback may happen.
https://twitter.com/CryptoPatel/status/1848289900157698330
The chart, shared by technical analyst Crypto Patel on October 21, 2024, highlights the robust support level that AVAX has been following since mid-July. As the cryptocurrency market remains volatile, the token has shown resilience by maintaining its rising trajectory, with its price hovering around $28.27 at the time of reporting.
Bullish Trend Shows Higher Highs and Lows
Since mid-July, the coin has been forming higher highs and higher lows. This behavior often signals a strong rise. Each time the price has pulled back, it has quickly recovered due to buying interest. This pattern indicates that traders have confidence in AVAX’s future price action.
The steady climb is drawing more attention from the market. Many traders are now closely observing it as it continues to move positively.
Trendline Support Holds Firm
The current rally is supported by a trendline that has been important to the token’s stability. This trendline has held firm since July, helping the price recover during any dips. As AVAX approaches this line, traders often increase their buying, which supports the price.
The trendline has proven reliable in the past, keeping the currency from falling too far. If it continues to hold, the cryptocurrency could stay on its upward path. However, any break below this level could raise concerns about a trend reversal.
Resistance at $32.72 and Support at $28.27
Market participants are getting ready for a possible breakout as the coin approaches $32.72. If AVAX can push above this point, it could trigger more buying and lead to higher prices. On the other hand, if the price cannot break through, a period of consolidation or a pullback could occur.
Support ranges at $28.27 and $26.96 will be important to watch if a pullback happens. These levels have provided stability before and could help prevent a further decline. However, a fall below these supports may signal a change in trend.
The post AVAX Gains Momentum as It Nears Critical Resistance Level at $32.72 appeared first on Crypto News Land.
