Avalanche (AVAX) prices are up 6.59% in the past 24 hours amidst a general crypto price rebound. The prominent altcoin presently trades around $24, keeping in line with a long-standing range-bound movement. Meanwhile, popular market analyst Ali Martinez has shared some insights on the present AVAX market, highlighting a potential bullish scenario.
In an X post on July 25, Martinez provides a technical analysis on the AVAX market tipping the altcoin for a major price surge; Using the daily AVAX/USDT chart, the renowned analyst identified a constant trading range that has remained active from February to date.
Related Reading: TRON Drops Q2 Report: Revenue, USDT Dominance Lead Multi-Quarter Highs This price range shows that AVAX prices have consistently moved between $15 and $27, forming a pivotal support and resistance in these price regions, respectively. Most notably, AVAX made another surge towards $27 following the crypto rebound in early July. However, the altcoin soon experienced another solid rejection for the third time in six months at the rather effective price barrier.
Following this most recent rejection, AVAX found quick support around $23, another important price level in this trading range, which has previously acted as support or resistance depending on the price trend. If the market bulls can sustain the current buying pressure at this price zone, AVAX is likely to return to retest the $27 region. Interestingly, Ali Martinez explains that a successful breakout beyond $27 would pave the way for a quick climb to an immediate price target of $36 based on the Fibonacci retracement levels. This prediction presents a potential 46% price gain from current market prices and 38% from the breakout zone. On the other hand, failure to hold above the $23 price level may result in a bearish return to $15, marking a potentially catastrophic 34.78% decline from the support zone. Therefore, AVAX market forces must view the $23 as a critical region, which could influence a decisive breakout or breakdown in the mid-term.
At the time of writing, AVAX trades at $24.81 following a slight 3.71% gain in the last seven days. Meanwhile, the daily trading volume is down by 31,84% indicating a significant decline in market interest and transaction volume. With the altseason reportedly underway, AVAX also remains one of the many altcoins in investors’ consideration as a potential outperformer following an estimated 1,150% gain in the last bull run in 2021. With a market cap of $10.1 billion, AVAX continues to rank as the 17th largest cryptocurrency in the world.
