AVAX Holds Strong Above $12 Support as Bulls Target Potential Surge to $26 Range

Key Insights:

• AVAX rebounds from $12 support as bulls defend key level and aim for upside breakout.
• Bearish rising wedge pattern signals caution despite price trading above critical support zone.
• $26 target in sight for AVAX, but breakout confirmation and strong volume still required.

AVAX Holds Strong Above $12 Support as Bulls Target Potential Surge to $26 Range

Avalanche (AVAX) is showing strength after rebounding from its $12 support zone. The asset is currently trading at $13.56, rising nearly 11% in the past 24 hours. Traders are watching closely as the price attempts to confirm a breakout from recent patterns. The market is now focusing on whether AVAX can maintain its gains and push toward the next resistance levels.

AVAX Price Holds Above Critical $12 Support

The $12 support zone has been a key level for AVAX in recent months. According to Open4Profit, the price is trading above this zone, and holding this level is important for a possible bullish continuation.

This level has acted as a pivot in past sessions, and bulls are now trying to defend it again. As long as the price remains above this mark, traders may expect momentum to stay upside. 

AVAX Possible Bullish Momentum | Source: X

Without a confirmed breakout, price action may stay in a consolidation phase for now. Although AVAX remains in a broader bearish structure, the recent price movement above the $12 area is drawing fresh attention from both long and short traders.

Bearish Patterns Suggest Caution for Short-Term Traders

However, while the price is holding above key support, not all signals are bullish. A rising wedge has formed on the chart, which is commonly viewed as a bearish pattern. 

Crypto trader CryptosBatman commented, “AVAX has not only rejected its previous support level, but also broken down from a rising wedge, a classic bearish continuation pattern.”

Rising Wedge Pattern | Source: X

This breakdown could indicate potential weakness in the short term. The analyst suggested this move may be a short setup for traders looking to hedge long positions. Traders are watching closely to see if the price can break above the trendline, or if it will fall back toward lower levels.

Bulls Eye $26 Range But Need Breakout Confirmation

Furthermore, if AVAX can sustain momentum and break above the current trendline resistance, buyers may start targeting the $26 range. This level represents the next major resistance on the chart and would require strong volume and confirmation to approach.

The price movement in the coming sessions will be crucial in determining the next direction of asset.. A strong push above current resistance could open the door for further gains. Until then, traders are monitoring both bullish and bearish scenarios as volatility increases.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Source: https://coincu.com/analysis/avax-holds-above-12-support-target-26/