• AVAX price exudes bullishness as it flipped two crucial resistance barriers at $78.96 and $86.49 into support levels.
  • This uptrend has also breached a declining trend line, signaling an uptrend to $100 and beyond is likely.
  • A daily candlestick close below $70.32 will invalidate the bullish thesis for Avalanche price.

AVAX price shows impressive recovery over the past week as it has flipped multiple vital resistance barriers into a foothold. This development sets the stage for further gains that could push Avalanche to its all-time high and beyond.

AVAX price shows potential

AVAX price set up roughly four lower highs since its all-time high at $146.75 on November 21, 2021. These swing points can be connected using trend lines to show a declining resistance barrier. 

Over the past week, AVAX price has rallied roughly 41% and flipped the $78.96 and $86.49 hurdles into launch pads. Although Avalanche bulls are currently grappling with the $86.49 barrier, investors can expect a swift move beyond this level.

Interestingly, AVAX price has also managed to move beyond the declining hurdle with a successful retest to confirm a flip. Going forward, market participants can expect the altcoin to trigger another leg-up that will retest $100 and collect the buy-stop liquidity resting above $98.

While this move is impressive, a resurgence of bullish momentum could see AVAX price tag $125 and collect the buy-stop liquidity above it. In total, this move would constitute a 40% gain from the current position - $88.48.

AVAX/USDT 4-hour chart

AVAX/USDT 4-hour chart

The recent gains for AVAX price have allowed it to overcome two crucial hurdles, making its future rallies easier to embark on. However, if Avalanche bulls fail to sustain, a revisit of $78.96 seems likely.

If AVAX price produces a daily candlestick close below $70.32, it will create a lower low and invalidate the bullish thesis. In such a case, Avalanche might revisit the $64.59 support barrier, where buyers can regroup for another attempt at uptrend.

 


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