CandleFocus Is Avalanche (AVAX) Poised to Break Through $30 Soon?
2024-09-20
Author: Content Editor
The cryptocurrency market is experiencing an upward shift, with Bitcoin reaching $64,000 and leading altcoin Avalanche (AVAX) also seeing gains. AVAX has risen by around 10% in the past 24 hours, reaching a high not seen since July. It is currently trading at $28.14 with a market cap of $11.42 billion. The daily trading volume has also increased by 11% to $496 million. AVAX has historically displayed volatility, but the recent Federal Reserve rate cuts have generated optimism within the crypto community. Technical analysis suggests that AVAX has broken out of a falling wedge pattern and shows strong bullish indicators. If AVAX breaks above the $30 level, further gains towards $37 and potentially even $40 could be expected. However, if AVAX fails to maintain its position above the support level at $25, it may decline. Monitoring these levels will be important for traders.
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