The post Is a breakout to $65 coming? appeared on BitcoinEthereumNews.com.

AVAX’s breakout from a long-term downtrend underlined potential for a rally beyond the $45 resistance zone Active addresses surged by 28.56%, reinforcing bullish network activity trends For a brief while, it was good news for Avalanche (AVAX) after it broke out of a long-term descending channel on the charts. In fact, at the time of writing, AVAX was trading at $38.81 with a 24-hour trading volume of $1.78 billion and a market capitalization of $15.87 billion. While the price did drop by 14.27% in the last 24 hours, it appreciated by 11.27% on the weekly charts – A sign of sustained bullish interest. The altcoin’s price seemed to be retesting the $38.57 support zone – A critical level that could determine its next move. A successful retest could lead to another rally as AVAX approaches higher resistance zones. Key levels to watch for support and resistance AVAX recently broke out of a long-term descending channel that persisted throughout 2022 and early 2023. The breakout in mid-2023 signaled a reversal from the bearish trend, positioning AVAX for a potential uptrend. Source: X The $38.57 level, which served as a major resistance during past cycles, is now being retested as support. Holding this level would confirm a bullish continuation and set the stage for a third attempt at breaking the $45.42–$47.81 resistance zone.  Meanwhile, this range has previously rejected price rallies in July 2023 and February 2024, making it a crucial area to monitor. If the price surpasses this zone, the next target would lie at $65.00 – A major resistance level that could attract strong buying momentum.  However, a failure to maintain support at $38.57 could push AVAX down to its secondary support level of $32.66. On-chain activity shows growing adoption On-chain metrics reflected greater user engagement within the Avalanche network. According…

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Filed under: News - @ November 27, 2024 8:28 am