AVAX Set for Surge If Price Reclaims Key Level

Avalanche (AVAX) Price Surge: Key Levels to Watch for Continued Bullish Momentum

Avalanche’s (AVAX) price has been on an upward trajectory for the past few weeks, with potential for further gains if certain key levels on its price chart are maintained. According to an analysis by Rekt Capital on X, AVAX’s rally could continue if it successfully holds these critical levels.

Key Support and Resistance Levels for AVAX

Rekt Capital highlights the importance of two key price points that could dictate AVAX’s future price movement. The analyst notes that AVAX’s recent rally occurred without retesting the crucial $38.57 support level, which was bypassed during the surge. This indicates strong market structure for AVAX, as it demonstrates resilience despite not testing this level. However, this level could serve as a natural point of resistance during future price retracements, providing potential entry opportunities for traders.

• $38.57 Support Level: A key level AVAX bypassed during its recent rally, which could act as a potential entry point during future dips.
• $54.23 Resistance Level: The March 2024 high, which must be reclaimed for further bullish momentum. Breaking above this level is crucial for continued price surge.

Recent Bullish Momentum and Market Structure

AVAX has demonstrated strong performance by breaking through multiple resistance levels, including a significant downward-sloping trendline. Rekt Capital notes that the cryptocurrency’s decisive move above the previous downtrend channel signals a potential shift from a bearish to a bullish market structure, reinforcing the idea that the asset is positioned for further growth.

Future Price Scenarios for AVAX

Rekt Capital presents two potential scenarios for AVAX’s price movement, based on its performance at these critical levels:

• Support Confirmation: A retest of the $38.57 level could strengthen it as a solid support, providing a foundation for future gains.
• Bullish Continuation: If AVAX breaks above $54.23, it could trigger a move toward the $65 mark, further reinforcing the bullish outlook.

While AVAX’s current momentum appears strong, the ability to reclaim and hold above the $54.23 resistance level will be crucial in confirming the continuation of its upward trajectory. A sustained move above this key level could open the door to higher price targets and a more bullish market structure for AVAX.