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Will AVAX Surge Past $36? How a Range Breakout Could Boost Your Portfolio!
In the dynamic world of cryptocurrencies, Avalanche (AVAX) has recently captured substantial attention with a notable 6.59% increase in price over the last 24 hours. This uptick is part of a broader crypto market resurgence, with AVAX currently hovering around $24. This movement aligns with its historical pattern of range-bound trading. Market expert Ali Martinez has cast a spotlight on the current avax news, suggesting a bullish turn could be on the horizon for this leading altcoin.
Exploring the Potential for an AVAX Breakout
On July 25, Ali Martinez took to X to share his technical analysis of AVAX, indicating a potential major price surge. Utilizing the daily AVAX/USDT chart, Martinez pointed out a consistent trading range active since February. Within this framework, AVAX prices have swung between $15 and $27, creating crucial support and resistance levels at these price points.
Significantly, AVAX attempted another ascent towards $27 during the early July crypto rebound but faced a robust rejection at this key resistance level, marking the third such instance in six months. Following this rejection, AVAX quickly found support around $23, a critical juncture in its trading range that has alternately served as support and resistance.
Should the market’s bulls maintain the current buying momentum at this zone, AVAX is poised to retest the $27 threshold. Intriguingly, Martinez elaborates that a successful breakout above $27 could swiftly propel the altcoin towards a near-term price target of $36, as identified by Fibonacci retracement levels. This scenario represents a potential 46% increase from current levels and 38% from the breakout point.
Conversely, failure to sustain above the $23 mark could trigger a bearish slide back to $15, equating to a stark 34.78% drop from the support level. Thus, the $23 price zone is pivotal, potentially dictating the direction of AVAX in the mid-term.
Market Position and Future Outlook
As of now, AVAX is trading at $24.81, marking a 3.71% rise over the past week. However, the daily trading volume has diminished by 31.84%, signaling a decrease in market interest and transactions. Despite this, with the so-called ‘altseason’ possibly underway, AVAX remains a top contender among altcoins, potentially replicating its staggering 1,150% gain witnessed in the last bull run of 2021. Currently, with a market cap of $10.1 billion, AVAX stands as the 17th largest cryptocurrency globally.
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As AVAX navigates these critical price levels, investors and traders alike should keep a close watch, as the outcome could significantly impact their portfolios. Whether AVAX will indeed surge past the $36 mark remains to be seen, but the current market dynamics suggest a potentially exciting period ahead for stakeholders in this vibrant cryptocurrency.
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