Avalanche (AVAX) is moving in a positive price setup following the emerging signs of bullish power in the crypto market. According to CoinMarketCap, the AVAX price has surged by 2.48% over the last 24 hours but remains stable over the last week.
At the time of writing, AVAX is trading at $9.37, with a trading volume of $363.83 million, which has surged by 47.57% over the last 24 hours. However, its market capitalization stands at $4.05 million, which is also up by 2.48%.
Source: CoinMarketCap
Also Read: Avalanche (AVAX) Holds $9.49 as Bitwise ETF Sparks $75–$105 Breakout Potential
AVAX Key Support Test Signals Possible Market Bottom
Furthermore, the crypto analyst Scient revealed that Avalanche (AVAX) is currently testing a key macro support level, a zone closely watched by traders for signs of direction.
A short-term bounce remains possible as buyers defend this area, but market sentiment stays cautious. Analysts warn that price could still dip below support, forming a deviation that often precedes a broader and more sustainable market bottom formation phase.
Source: Scient’s X Post
This could lead to a final, all-encompassing capitulation within the altcoin space, with traders cashing out their remaining positions in the wake of continuous losses. Such a pattern frequently indicates that capitulation is driven by exhaustion.
If there is an uptick, however, AVAX might move above $25, and similar trends will probably emerge among other altcoins.
Momentum Indicators point to Improving Outlook
According to TradingView, the 14-period RSI is at its neutral level of 52.12, indicating that the asset is neither overbought nor oversold. The lack of an extreme reading implies indecision in the market.
However, the increase from previous lows may suggest buying interest. It should be noted that the indicator remains in the middle range, implying equal weightage on both sides of traders.
Source: TradingView
MACD signals the possibility of an emerging uptrend as the light blue line makes a crossover above the orange line.
Simultaneously, the histogram becomes positive, switching from red bars to teal bars, indicating that a change in momentum is taking place. This type of crossover is generally associated with more bullish moves to follow.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Avalanche (AVAX) Targets $9.73 as On-Chain Growth Signals Confidence
