The post Avalanche (AVAX) Price Analysis: Key Levels Indicate Possible Bullish Momentum Ahead appeared on BitcoinEthereumNews.com.

The next few days could be critical for AVAX’s price action, hinting at potential movements in the cryptocurrency market. AVAX’s breakout from a long-term downtrend underlines its potential for a rally beyond the $45 resistance zone. Active addresses surged by 28.56%, reinforcing bullish network activity trends, according to IntoTheBlock’s data. Avalanche (AVAX) experiences pivotal breakout; on-chain metrics show increasing adoption, making it critical to watch support levels and market sentiment. 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 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 to IntoTheBlock’s data, for instance, active addresses rose to 60.46k – marking a 28.56% hike over the last seven days. Additionally, 11.98k new addresses were created during the same period, further showcasing expanding participation in the ecosystem. Source: IntoTheBlock These metrics highlight growing interest in Avalanche, which may be tied to its recent price performance and ecosystem developments. A hike in activity often means healthy network usage, reinforcing…

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Filed under: News - @ November 27, 2024 8:11 am