Avalanche’s AVAX token has broken out of its multi-week correction phase, demonstrating remarkable strength despite ongoing geopolitical tensions affecting cryptocurrency markets.
The broader market gauge, CoinDesk 20 Index (DLCS), has demonstrated exceptional bullish momentum, surging from 1403.33 to 1461.17 in the last 48 hours, representing a 4.12% gain, while the overall range spans 95.56 points (6.97%) from the low of 1365.61 to the high of 1461.17.
The recent price action of AVAX shows accelerated momentum with the formation of a bull flag pattern and decisive breakout above $20.40, coinciding with significant institutional developments in the ecosystem, according to CoinDesk Research’s technical analysis data.
Technical Analysis Highlights
- AVAX demonstrated remarkable strength, surging from 18.87 to 20.89, representing a 10.7% gain.
- Price action reveals a clear bullish trend with higher lows forming a strong support trendline around 19.50.
- After consolidating between 19.30-19.70 on April 20, AVAX experienced a significant breakout on April 21, with volume increasing substantially as the price pushed above 20.00.
- The most recent 48 hours show accelerated momentum with the formation of a bull flag pattern and a decisive breakout above 20.40, suggesting further upside potential.
- Key resistance at 20.90 now becomes the level to watch, with Fibonacci extension targets pointing to 21.50 as the next significant objective.
- In the last 100 minutes, AVAX surged from 20.61 to 21.04, representing a 2.1% gain.
- After consolidating between 20.50-20.60 during the 13:20-13:40 timeframe, price formed a solid base before initiating a powerful upward move.
- The decisive breakout occurred at 14:40 with extraordinary volume (146,387 units), creating a strong support level at 20.80.
- Multiple high-volume candles followed between 14:44-14:48, pushing the price through the critical 21.00 psychological barrier with the highest volume spike (142,112 units) at 14:47.
- This breakout completes the bullish pattern established in the previous 48 hours, with Fibonacci extension targets now suggesting 21.50 as the next significant objective.
Disclaimer: This article was generated with AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy. This article may include information from external sources, which are listed below when applicable.
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