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AVAX Bulls Target $46 If This Key Barrier Falls

AVAX price chart

TL;DR

  • AVAX trades between $22 and $27, with bulls needing a breakout to set off larger ranges.
  • Avalanche’s C-Chain closed August with 35.8 million transactions, its second-highest month-to-month determine thus far.
  • MFI close to 68 and a bullish MACD crossover present momentum favoring patrons as help holds.

Price Holds Below Resistance

Avalanche (AVAX) is buying and selling at $25 with a day by day quantity of $697 million. The token slipped 2% up to now 24 hours however is little modified over the week. The chart exhibits repeated failures to interrupt above $27, confirming it as a robust resistance stage since March.

Support stays between $23.90 and $22.00, an space that has held throughout current pullbacks. An in depth beneath this vary might open the way in which towards $20.5 and probably $16. Analyst Ali Martinez famous,

AVAX has moved sideways between $22 and $27 for months, forming a transparent consolidation band. Analyst James suggested this part could quickly finish, saying,

“I imagine this consolidation part for $AVAX is coming to an finish. The transfer to the upside might be a factor of magnificence.”

His projection exhibits {that a} breakout above $27–$28 might raise AVAX towards $40–$44, the place a long-term descending trendline sits. Until that occurs, value motion is anticipated to stay capped beneath resistance.

Network Activity Rising

Avalanche’s C-Chain ended August with 35.8 million transactions, its second-highest month-to-month determine on document. The community additionally handled 10.9 million transactions in a single week final month, the busiest since December 2023.

The C-Chain is designed for Ethereum-compatible good contracts, supporting decentralized finance, NFT platforms, and different functions. Along with the X-Chain for transfers and the P-Chain for staking, it kinds Avalanche’s three-chain system. The enhance in transactions exhibits stronger use of functions constructed on the community.

Indicators Point to Strength

The Money Flow Index (MFI) stands at 68, reflecting regular buying inflows. It is approaching the overbought zone, which begins at 80.

AVAX price chart
Source: TradingView

Meanwhile, the MACD on the weekly chart can be optimistic. The MACD line at 0.81 is above the sign line at -0.16, supported by inexperienced histogram bars. This exhibits upward momentum, giving patrons the benefit so long as AVAX holds above its help ranges.

The put up AVAX Bulls Target $46 If This Key Barrier Falls appeared first on CryptoPotato.

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