Will Avalanche (AVAX) Rebound to $30 This Week?

• Avalanche (AVAX) has surged over 8% from the low of $25.25 to the high of $27.38.
• AVAX is targeting $30, signaling the potential for further gains upon breakthrough.

Amidst a backdrop of green across the global crypto market charts, Avalanche (AVAX) continues its upward momentum, breaching the $23.50 mark. The AVAX market sentiment remains positive amidst its push toward the $30.25 resistance level.

In the past 24 hours, AVAX has surged over 8.43%, reaching a high of $27.38 from a low of $25.25. It is currently trading at $26.86 with a market cap of $10.60 billion. However, AVAX’s daily trading volume declined by more than 28% to $294 million.

AVAX Eyes Breakthrough

Following a recent dip to a yearly low of $22.32 on July 5th, AVAX found strong support near $23.85, establishing a base above $25 before commencing its upward trend. The bullish momentum is underlined by AVAX’s price crossing above the 100-day simple moving average (SMA) on the 4-hour chart, suggesting potential for further gains toward the $30.25 resistance.

Avalanche (AVAX) Price Chart (Source: TradingView)

On the daily chart, AVAX remains above the 100-day SMA and is poised for a bullish move. The immediate resistance levels are anticipated to be near $27.98 and $28.50, with a breakthrough above $28.50. Breaching $28.50 would potentially accelerate the price above $30.00 or even $35.00.

However, failure to sustain above key support levels, notably $26.30, could trigger a downside correction. Initial support is expected around $25.50, with further declines possibly targeting $25.00 and $24.20 levels. Overall, AVAX’s recent price movements reflect a bullish sentiment in the market.

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