Avalanche (AVAX) is moving in a consolidation phase as the general conditions in the crypto market have turned bearish. According to CoinMarketCap, the AVAX price has remained stable over the last 24 hours, but it has declined by 2.73% over the last week.
At the time of writing, AVAX is trading at $9.11 with a trading volume of $208.19 million, which has surged by 18.49% over the last 24 hours. However, its market capitalization stands at $3.93 billion, which is stable.
Source: CoinMarketCap
Also Read: Avalanche (AVAX) Slides to $9 Zone – Is More Downside Coming?
AVAX Shows Early Signs of Major Trend Shift
Furthermore, the crypto analyst Crypto Patel revealed that AVAX is quietly drawing attention among technical analysts as its long-term chart begins to show signs of a potential structural shift.
After peaking during the 2021 bull market, the asset entered a prolonged correction phase that pushed prices lower and drove most market participants away from closely watching its development in recent trading sessions.
Currently, the asset is trading within an old support range between $7 and $9, which has always resulted in strong buy volume on a historical note.
Technicals suggest that there might be an accumulation taking place, as there is a possibility of liquidity going in favor of demand. However, the bearish macro trend line is capping the upside momentum.
AVAX Could Surge to $200 If $15 Level Breaks
The key level that will be tracked on the weekly timeframe is at $15. The breakout will show that there is more strength in the market and a reversal is likely to take place.
With further developments from the current level, the asset can see upside targets of $32, $58, $115, and $200, reflecting a shift from accumulation into a new bullish phase.
Source: Crypto Patel’s X Post
Though the overall mood seems optimistic, any decline below $7 would bring out the bears and add to the bearish momentum, thus undermining the bulls’ argument and possibly indicating consolidation or a retreat.
Historically, large movements in markets have occurred when there is little or no attention to the asset, and this could very well be where the token finds itself.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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