Avalanche AVAX surges past $22.50 resistance on Binance

Coin WorldThursday, Mar 6, 2025 7:47 am ET

1min read

On March 6, 2025, the cryptocurrency market witnessed significant activity, particularly with Avalanche (AVAX) attempting to break through the $22.50 resistance level. The trading session on Binance showcased a strong bullish momentum, with key support and resistance levels playing a crucial role in shaping the price action. The market experienced significant breakouts, consolidations, and corrections, indicating an active trading environment.

The support zone at $19.50 to $19.80 was pivotal in preventing a deeper fall in AVAX/USDT. Around 21:00 UTC on March 5, the price approached $19.50, marking a daily low before regaining strength. A strong rejection from this level showed bullish pressure, initiating a rally. As the price began to recover, it faced resistance at $20.50, which limited its growth until 00:00 UTC on March 6, when avax managed to climb above it. This breakout, achieved on higher trading volume, confirmed a shift in market sentiment towards bullish territory. AVAX maintained its rally, hitting an intra-day high of $22.50 around 02:30 UTC on March 6.

The AVAX price action indicated that the breakout above $20.50 at 00:00 UTC on March 6 was a defining moment for sentiment heading into bullish territory. As the price went over the resistance line, it became a support zone, enabling AVAX to continue towards $21.50 with only a slight retracement. Later, the price made a short consolidation and continued its upward movement. The Avalanche price trend peaked at $22.50 at 02:30 UTC, at which point sellers started to jump in, leading to a slight roundtrip. Currently, AVAX has settled back at around $22.25, just below $22.50, as of the latest assessment at 04:22 UTC. This phase of consolidation may still point to a new level of support being formed, a pullback before an additional breakout attempt, etc.

The Relative Strength Index (RSI) in the AVAX price action chart indicated important overbought and oversold conditions. When RSI crossed back over 70 around 06:0

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