Key Takeaways
- Analyst Ted Pillows predicts a potential breakout to $30 if AVAX maintains support above $26.
- On-chain data indicates strong resistance at $27.91, with upside potential to $35.21.
- Whale sell-offs totaling $780 million raise concerns about long-term sustainability.
As the crypto market gears up for an altcoin season, Avalanche (AVAX) is positioning itself for a bullish resurgence. With AVAX holding above critical support levels, analysts are eyeing a potential breakout rally.
Technical Analysis: AVAX Targets $26.65 Resistance
4-Hour Price Chart Insights
- Breakout Pattern: AVAX has surpassed a local resistance trendline, signaling a bullish breakout from a descending triangle.
- Fibonacci Levels: The 23.6% Fibonacci level at $26.65** is the next challenge. Current trading price: **$25.48.
Momentum Indicators:
- MACD: Positive trajectory toward the midline.
- RSI: Recovered from oversold to neutral, indicating renewed buying pressure.
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Price Targets
- Short-Term: $28.49 (38.2% Fibonacci level).
- Long-Term: $37.82 upon confirmation of a rounding bottom reversal.
- Support Levels: $24 and $22.60.
Analyst Perspective: Can AVAX Surpass $30?
Crypto analyst Ted Pillows highlights a descending triangle breakout scenario:
"Avalanche is holding its support zone. A 4-hour close above $26 could trigger a strong rally."
- Price Target: $30 if resistance at $26 is breached.
Whale Activity: Institutional Sell-Offs
- Whale Holdings: Dropped by **$780 million** (from $2.29B to $1.51B).
- Mid-Level Holdings: Slight decline to $557 million.
- Overall Sentiment: Bearish among large investors, with total holdings down to $2.66B.
On-Chain Indicators: Bullish Signals
Global In/Out of Money (GIOM)
Supply Zones:
- $25.78–$27.98: 6.2M AVAX.
- $23.41–$25.78: 15.31M AVAX (now profitable).
- Resistance Levels: $27.91 and **$35.21**.
- Support Levels: $23.41 and **$21.38**.
FAQ
1. What’s driving AVAX’s current price action?
Short-term recovery fueled by technical breakouts and renewed buying pressure.
2. Can AVAX hit $37?
Possible if the rounding bottom reversal completes and resistance at $28.49 is breached.
3. Why are whales selling AVAX?
Profit-taking and bearish sentiment amid market uncertainty.
4. What’s the strongest resistance level?
$27.91, followed by $35.21.
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Conclusion
Avalanche (AVAX) stands at a critical juncture, with potential for a 30%+ rally if key resistances are overcome. Monitor whale activity and on-chain metrics for confirmation of trend reversals.
Disclaimer: This analysis is for informational purposes only. Conduct your own research before investing.