AVAX Breaks Out of Consolidation Phase

Avalanche’s token

AVAX$17.41 recently broke out of a consolidation phase, establishing strong support levels, according to CoinDesk Research’s technical analysis model. The token is up 0.8% in the last 24 hours.

The CoinDesk 20 — an index of the top 20 cryptocurrencies by market capitalization, except for stablecoins, exchange coins and memecoins — lost 0.4% over the same period.

Technical Analysis

• AVAX demonstrated resilient price action during the 24-hour period, establishing a small uptrend.

• After initial consolidation between $17.13-$17.35, AVAX broke out with significant volume, forming strong support at $17.07 confirmed by above-average volume during reversal.

• The asset established higher lows throughout the period, with resistance at $17.63 tested multiple times, suggesting accumulation phase completion and potential for continued upward momentum.

• AVAX displayed significant volatility with a strong recovery pattern, rising from $17.37 to $17.45 (0.50% gain).

• After an initial uptrend to $17.46, AVAX experienced a correction to $17.36, forming a double bottom pattern before staging a rally with increasing volume.

• The final minutes showed price bouncing back from $17.37 to $17.46, suggesting renewed buying interest and potential continuation of the broader uptrend.

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