"AVAX Bulls Charge Back: Golden Cross Signals 103% Rally"

Avalanche [AVAX] has experienced a tumultuous month, with the asset declining by 27.97%. However, recent market sentiment and technical indicators suggest a potential bullish turnaround. In the past 24 hours, AVAX gained a minor 2.05%, signaling a shift in investor sentiment.

Key metrics, such as the formation of a golden cross, indicate a potential market rally. On the chart, AVAX has formed a bullish structural pattern, a bullish triangle, which could lead the asset to establish a new high. The price has taken the first bullish leg up, reacting off the support level of the pattern at $24.53, and is expected to move up from here, breaching the descending resistance line.

There are two major profit targets following the breach: the short-term target at $35.52 and the long-term target at $53.95, representing an approximate rally of 103% from its current price point. However, the price could further accumulate at its current levels, trading back and forth within the support range between $22.87 and $24.53 before finally making its upward rally.

The technical indicators, Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), have hinted at the possible price movement and direction. The RSI is currently in the bearish phase, with a reading of 34.21, and is heading toward a support level at 32.07. Thus, AVAX could drop lower until it reaches the support level, which would provide a rebound and drive the price higher.

The bullish sentiment in the market has been confirmed with the formation of the golden cross, which occurs when the blue MACD line crosses over the orange signal line. At press time, data showed the MACD line at 3.03 and the signal line at 3.06. If the golden cross pattern remains intact, it indicates that the current bullish structure is still in play and the declining RSI is just a retracement.

Insights from IntoTheBlock suggest ongoing buying activity from whales in the market. In the past 24 hours, large-volume transactions have reached a seven-day high, totaling 569. Whales, also known as large investors who control a notable supply