Avalanche (AVAX) Price Nears Major Resistance: Is a Bullish Rally Imminent?

Avalanche has approached a pivotal resistance level that could shape its next price movement. Prominent analyst World of Charts revealed on X that AVAX's price is rebounding strongly after testing a key support area.

Prominent cryptocurrency analyst World of Charts has drawn attention to a pivotal resistance level that could shape the next price movement of Avalanche (CRYPTO: AVAX). In a recent tweet, World of Charts highlighted the significance of the $48-$50 zone, which has acted as a multi-year trendline resistance for AVAX.

Zooming in on the AVAX price chart, we can observe a multi-year symmetrical triangle pattern emerging. This formation is characterized by sustained consolidation within a defined range, typically indicating the potential for breakout scenarios.

Within the triangle formation, smaller patterns such as cup-and-handle formations are also visible. These formations are often associated with potential trend reversals, further bolstering the bullish case for AVAX as it attempts to penetrate critical resistance zones. Additionally, a rising trendline provides support for the sustainability of the support level.

Examining the support and resistance levels for AVAX, we find consistent support emerging around the $9-$10 range. This area has served as a launchpad for upward movements, with a rising trendline also offering support during market declines.

On the upside, resistance lies between $48 and $50, marked by a multi-year trendline that has historically hindered further growth. A breakout above this zone could unlock significant upward momentum, potentially leading to exponential price increases in the months ahead.

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