Avalanche

Wrapped AVAX

AVAX’s price moved past $40, signaling an increase after confirming support in a long-standing horizontal zone. However, facing resistance at $40, if AVAX breaks out of this channel, it might decline towards the $33 support level.Cryptos Headlines Token Airdrop Is Live, Claim 5000 CHT Token Free On <a href="https://cryptosheadlinestoken.com/index.php/tokenomics/" rel="noopener noreferrer nofollow">CryptosHeadlinesToken.com</a><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/Cryptos-Headlines-Token-Airdrop-Is-Live-Claim-Your-Reward-Now-1.png?fit&#61;900%2C200&amp;ssl&#61;1" />On February 10th, Avalanche (AVAX) surpassed the $40 mark after a 20-day rally. During this surge, the <a href="https://cryptosheadlines.com/doge-price-horizontal-support-battle/" rel="noopener noreferrer nofollow">price found support in a long-standing horizontal</a> zone. However, it remains within a shorter-term <a href="https://cryptosheadlines.com/dogecoin-price-prediction-support-and-resistance-levels/" rel="noopener noreferrer nofollow">resistance level</a> despite the upward movement.<h3 id="analyzing-the-technicals-avalanche-avax-outlook">Analyzing the Technicals: Avalanche (AVAX) Outlook</h3>Weekly Technicals: Since January 22, the price of AVAX has been on an upward trajectory, finding support in a horizontal area that previously acted as resistance since May 2022. Despite this climb, AVAX has yet to surpass its 2023 high. The weekly Relative Strength Index (RSI) presents a mixed picture, hovering above 50 but declining over the past two months, occasionally dipping below the overbought threshold without recovery.<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/cryptosheadlines005-1.webp?resize&#61;640%2C284&amp;ssl&#61;1" />AVAX/USD Weekly Chart. Source: TradingViewDaily Outlook: On the daily timeframe, AVAX’s future direction remains uncertain due to conflicting price action. The recent uptrend since January 22 has unfolded within an ascending parallel channel, typically containing corrective moves. Although the channel resistance at the $40 level rejected AVAX’s price on February 10, the daily <a href="https://cryptosheadlines.com/litecoins-rsi-signals-bullish-trend/" rel="noopener noreferrer nofollow">RSI indicates a bullish trend</a>, rising above 50.<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/cryptosheadlines006-3.webp?resize&#61;640%2C341&amp;ssl&#61;1" />AVAX/SOL via CoinmarketcapCryptos Headlines Token Airdrop Is Live, Claim 5000 CHT Token Free On <a href="https://cryptosheadlinestoken.com/index.php/tokenomics/" rel="noopener noreferrer nofollow">CryptosHeadlinesToken.com</a><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/Screenshot_5.png?fit&#61;1276%2C681&amp;ssl&#61;1" /><h3 id="market-sentiment-and-potential-scenarios">Market Sentiment and Potential Scenarios</h3>There’s speculation that AVAX’s price movement may mirror that of SOL, with potential follow-up if SOL experiences a surge. Reaction to the $40 <a href="https://cryptosheadlines.com/polygon-matic-drops-below-crucial-level-will-sellers-exit/" rel="noopener noreferrer nofollow">level is crucial</a> for AVAX’s trajectory. A successful <a href="https://cryptosheadlines.com/uniswap-sees-surge-in-whale-and-institutional-interest-is-a-uni-price-breakout-imminent/" rel="noopener noreferrer nofollow">breakout could propel the price</a> by 23% towards the 2023 high at $50.<a href="https://cryptosheadlines.com/link-surges-10-above-20-with-whale-accumulation/" rel="noopener noreferrer nofollow">Also Read: LINK Surges 10% Above $20 with Whale Accumulation</a>Conversely, a rejection at this level and a breakout from the channel could trigger a 16% decline towards the nearest support at $33. As of the <a href="https://cryptosheadlines.com/weekly-crypto-reports-latest-updates-on-the-world-of-cryptocurrency-exchanges/" rel="noopener noreferrer nofollow">latest update</a>, AVAX is trading at $41.Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

Avalanche (AVAX) Surpasses $40: Expert Insights

Table of Contents

CryptosHeadlines.com

Other articles published on Feb 13, 2024

Dogecoin Stuck In Limbo: Will Valentine’s Day Bring Love (And Price Gains)?

Gaming Boom: The Sandbox Eyes New Highs as NuggetRush’s Play-to-Earn Model Captivates Crypto Gamers

Blockchain Association Warns Warren’s Anti-Crypto Legislation Threatens US Jobs and Strategic Adv...

Bitcoin Price Prediction: Top Analyst Sees BTC Price Soaring As High As 600k In Extended Bull Run...

Bitcoin Miners’ Stocks Surge as BTC Prices Rally

Big Bitcoin ETF Investments Boosting BTC Price Toward $55K

Join our free newsletter for daily crypto updates!