Technical Analysis: $AVAX Consolidating for Breakout
Avalanche ($AVAX ) is currently undergoing a period of consolidation within a symmetrical triangle pattern on the daily timeframe.
This technical formation often indicates a period of indecision or accumulation before a potential breakout.
Price action has been encountering resistance from both the upper trendline of the triangle and the 200-day moving average, suggesting a battle between buyers and sellers.
A decisive break above the resistance levels could signal a resumption of the uptrend.
Potential Upward Targets:
If $AVAX successfully breaks out to the upside, the initial target lies at $25.70. A further move could lead to targets of $28.00 and $32.50.
Conclusion:
While the symmetrical triangle pattern suggests a potential breakout, it's essential to monitor price action closely for confirmation. A decisive break above the resistance levels, coupled with increased trading volume, would strengthen the bullish outlook for AVAX.
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