AVAX Pauses Before $40, A Halt Or A Reversal?300% Rally in Two Months: AVAX (Avalanche) displays an impressive 300% bullish rally in the last two months.
Struggle to Surpass $40: Despite the strong rally, AVAX faces challenges in crossing the $40 mark, hinting at a potential reversal.
Potential to Reach $56: If sellers lose dominance at $40, AVAX could potentially climb to $56.
Influence of Bitcoin's Bearish Mode: A bearish turn in Bitcoin impacts altcoins, including AVAX, which fails to surpass $40.
4.92% Pullback on Monday: AVAX experiences a 4.92% pullback, with a long-tail formation suggesting a possible bullish comeback.
Ending Consolidation in Weekly Timeframe: A significant rise in buying pressure ends the consolidation phase for AVAX.
Support from Avalanche Ecosystem: Growing network strength of the Avalanche ecosystem bolsters the AVAX price.
Current Trading Price: AVAX is currently trading at $35.23.
Technical Indicators - MACD: The MACD in the weekly chart shows a bullish divergence, supporting a continued uptrend.
Market Recovery's Impact on AVAX: Any market health improvement could spur a bull run in AVAX beyond $40.
Risk of Retesting $30: An increase in supply or bearish market trends could lead AVAX to retest the $30 level.