Avalanche (AVAX) has experienced a significant price increase, surpassing a crucial barrier in recent trading sessions. In the past 24 hours, AVAX saw a 6% rise, while its weekly chart shows a notable appreciation of over 17%.
However, the technical outlook for Avalanche suggests mixed signals with a slight inclination toward bearish momentum in the market. Although there have been attempts to recover demand, it has not shown significant improvement, and accumulation remains low according to the chart.
While Bitcoin has re-entered the $30,000 price level, leading to optimism in the altcoin market, including Avalanche, it is important to note that Avalanche and other altcoins have not completely overcome their challenges.
Related Reading: AVAX Breaches $13 Barrier With 16% Rally – What’s The Next Price Level To Watch?
For AVAX to see a bullish trend, it must surpass a crucial barrier of $13, allowing the bulls to gain control of the price. Additionally, the stability of Bitcoin’s price is essential for overall market strength. AVAX has experienced a decline in market capitalization, indicating reduced buying power reflected on the chart.
Avalanche Price Analysis: One-Day Chart
Avalanche was priced at $12.90 on the one-day chart | Source: AVAXUSD on TradingView
