🚀🚀🚀 $AVAX Price Consolidation Near $24: Analysts Predict a Bullish Move to $40
Avalanche (AVAX) is trading close to a critical support level at $24, with technical indicators highlighting bearish momentum, though there are signs of a potential reversal.
Currently priced at $24.15, AVAX has been oscillating around this support level. Analysts suggest that breaking above $28 could ignite additional buying pressure, potentially propelling the price toward $40 in the short term.
AVAX Technical Analysis Points to Bearish Trend
- AVAX remains in a bearish trend, trading below the 20-day SMA at $26.81. The asset hovers near the lower Bollinger Band at $23.98, approaching oversold levels, which reflects bearish pressure. A break above the 20-day SMA could signal a bullish shift, though confirmation is needed to sustain any upward momentum.
- The current Relative Strength Index (#RSI ) sits at 37.54, indicating weak bearish momentum & approaching oversold territory (below 30). If the RSI moves past the 50 mark, it could indicate a bullish reversal. Key support & resistance levels lie at the 20-day SMA ($26.81) and the upper Bollinger Band ($29.63), which may pose hurdles to upward movement.
Consolidation & Breakout Scenarios
- An analyst known as Ak47 on X (Twitter) notes that AVAX’s consolidation around $24 may be setting the stage for an upward breakout. The $28 resistance level is key, and surpassing it could open the door to $40 as a short-term target—a level AVAX has reached before, making it a reasonable take-profit zone.
- #Ak47 also identifies a descending triangle pattern on the chart, with a potential upside breakout indicating a trend reversal. If AVAX can hold above $24 & show bullish signs, breaking out of this pattern could fuel a rally toward the $40 target. However, failure to clear the $28 resistance could lead to further consolidation or a breakdown below $24.
- Traders should monitor volume increases & RSI changes, as these could signal AVAX’s next significant move.
