AVAX Surges Beyond Consolidation Zone

Strong technical patterns indicate that Avalanche’s token, AVAX, successfully escaped a consolidation phase, establishing robust support levels.

• AVAX rose by 0.8% in the last 24 hours, contrasting with a 0.4% decline in the CoinDesk 20 index.
• The token exhibited sturdy price movements, displaying a slight upward trend along with considerable volatility, hinting at possible further gains.

AVAX has recently demonstrated a powerful breakout, surpassing a period of consolidation, thus validating solid support levels, according to technical analysis from CoinDesk Research. In the past 24 hours, the token has appreciated by 0.8%.

The CoinDesk 20 index, which tracks the leading cryptocurrencies by market capitalization, lost 0.4% in comparison.

AVAX Chart

Key Insights:

• During a 24-hour analysis, AVAX established a new upward trend with support seen at $17.07.
• After being consolidated between $17.13 and $17.35, it displayed significant volume during the breakout.
• Continued positive price action, including instances of higher lows and tested resistance at $17.63, suggests a successful accumulation phase.

For those interested, further developments are available in the Crypto Daybook Americas Newsletter.

Disclaimer: Some elements of this report were produced with the assistance of AI tools, subject to human review for accuracy.