AVAX Price Eyes Breakout As Price Holds Steady Amid Long Liquidation Pressure
The post AVAX Price Eyes Breakout As Price Holds Steady Amid Long Liquidation Pressure appeared on BitcoinEthereumNews.com. Avalanche (AVAX) price is showing early signs of a potential breakout, as the token holds steady above key support levels. Despite recent long liquidation pressure, the price has remained resilient. On-chain activity, whale transactions, and network usage are increasing. Market participants are closely watching for a technical breakout above the $27 level, which may lead to a renewed bullish trend if sustained. Price Stability Amid Long Liquidation Trends AVAX price traded within the $18 to $20 range over the past several weeks, maintaining a stable price base. Data from liquidation charts between April 1 and May 6 show that long positions were closed frequently during market pullbacks. This suggests that overleveraged bullish traders exited during short-term drops. For example, red bars indicating long liquidations dominated mid-April, particularly on April 9, April 12, and April 22. Despite these periods of selling pressure, AVAX did not fall below the $17.50 support zone. This has been interpreted by market analysts as a sign that stronger hands are absorbing the sell-offs. The price has since stabilized near $19, resisting further downside moves. Source: CoinGlass Analysts from IntoTheBlock observed that liquidation data points to a balanced market, where short and long positions are being cleared in equal measure. April 6 and April 30 showed large short liquidations of up to $2.7 million. These periods of liquidated bearish positions have coincided with brief upward price movements. Technical Structure Points Toward a Bullish Setup AVAX’s weekly chart shows a falling wedge pattern, which often suggests that a breakout could follow after a prolonged downtrend. The pattern features descending resistance levels and flattening support around $10 to $13, where AVAX previously consolidated. Traders are now looking at the $50 to $55 zone as a key resistance area. If AVAX price breaks above this range, some technical analysts suggest…
The post AVAX Price Eyes Breakout As Price Holds Steady Amid Long Liquidation Pressure appeared on BitcoinEthereumNews.com.
Avalanche (AVAX) price is showing early signs of a potential breakout, as the token holds steady above key support levels. Despite recent long liquidation pressure, the price has remained resilient. On-chain activity, whale transactions, and network usage are increasing. Market participants are closely watching for a technical breakout above the $27 level, which may lead to a renewed bullish trend if sustained. Price Stability Amid Long Liquidation Trends AVAX price traded within the $18 to $20 range over the past several weeks, maintaining a stable price base. Data from liquidation charts between April 1 and May 6 show that long positions were closed frequently during market pullbacks. This suggests that overleveraged bullish traders exited during short-term drops. For example, red bars indicating long liquidations dominated mid-April, particularly on April 9, April 12, and April 22. Despite these periods of selling pressure, AVAX did not fall below the $17.50 support zone. This has been interpreted by market analysts as a sign that stronger hands are absorbing the sell-offs. The price has since stabilized near $19, resisting further downside moves. Source: CoinGlass Analysts from IntoTheBlock observed that liquidation data points to a balanced market, where short and long positions are being cleared in equal measure. April 6 and April 30 showed large short liquidations of up to $2.7 million. These periods of liquidated bearish positions have coincided with brief upward price movements. Technical Structure Points Toward a Bullish Setup AVAX’s weekly chart shows a falling wedge pattern, which often suggests that a breakout could follow after a prolonged downtrend. The pattern features descending resistance levels and flattening support around $10 to $13, where AVAX previously consolidated. Traders are now looking at the $50 to $55 zone as a key resistance area. If AVAX price breaks above this range, some technical analysts suggest…
What's Your Reaction?
