Ethereum News Today: Avalanche (AVAX) Eyes 46% Rally to $36 on Breakout Above $27 Resistance

Avalanche (AVAX) is poised for a potential breakout from a prolonged trading range, with technical analysts and market observers eyeing a $36 price target if bulls overcome key resistance levels. The token currently trades at approximately $24.81, reflecting a 6.59% increase over the past 24 hours amid broader crypto market recovery. Since February, AVAX has consolidated within a $15–$27 range, with repeated attempts to test the upper boundary of $27 failing to sustain momentum [1].

Technical analysis from market commentator Ali Martinez highlights critical support and resistance levels shaping AVAX’s trajectory. On the daily AVAX/USDT chart, Martinez identifies $23 as a pivotal support zone and $27 as a key resistance level. The asset’s third rejection at $27 within six months underscores the psychological weight of this barrier. Should AVAX maintain buying pressure above $23, it could retest the $27 threshold, potentially triggering a breakout [1]. A successful push beyond $27 would align with Fibonacci retracement levels, projecting a 46% rally to $36—a target echoed by Leap Digital Investments if AVAX clears the $27 hurdle [2]. Conversely, failure to hold above $23 risks a retracement to $15, marking a 34.78% decline from current levels [1].

AVAX’s position as the 17th-largest cryptocurrency by market capitalization ($10.1 billion) adds to its significance during the current “altseason,” despite a 31.84% decline in daily trading volume. Historical performance, including a 1,150% gain during the 2021 bull run, positions it as a focal point for altcoin investors. However, analysts caution that maintaining liquidity and overcoming psychological barriers remain critical challenges [1]. Institutional buying trends, such as Ethereum’s $4,000 target [3], provide broader market context but do not directly influence AVAX’s technical dynamics.

Investors are advised to closely monitor the $23 and $27 thresholds, as these levels will determine whether AVAX transitions from a range-bound asset to a breakout candidate. A sustained move above $27 could validate the $36 price target, while a breakdown below $23 may reignite bearish sentiment. The outcome hinges on the interplay of liquidity, trader sentiment, and adherence to technical indicators in an increasingly volatile market.

Source:

[1] [Avalanche Price Action and Technical Analysis] [https://www.newsbtc.com/news/avalanche/avax-ready-for-range-breakout-bulls-eye-36-price-target/]

[2] [Leap Digital Investments on AVAX Price Targets] [https://leapdigitalinvestments.com.au/]

[3] [Ethereum Institutional Buying Trends] [https://coincentral.com/ethereum-eth-price-mike-novogratz-calls-4000-target-as-institutions-load-up/]