AVAXUSDT is trading within a well-defined rectangle, after breaking out of a steep falling channel earlier this year.
Key Observations
• The current range has two clear touches on both support ($15.50) and resistance ($23.00), forming a valid rectangle structure.
• This follows a sideways channel breakout, suggesting a consolidation phase which is often a precursor to a larger move.
Range Levels
• Resistance – $23.00: Capped price twice in April, marking the upper bound of the rectangle.
• Support – $15.50: Held firmly on two separate pullbacks.
• Midrange Bias – As long as AVAX remains within this box, directional conviction remains limited.
Breakout/Breakdown Scenarios
• Bullish Breakout: If AVAX closes decisively above $23.00, the measured target would be ~$30, based on the rectangle height projected upward (linear scale).
• Bearish Breakdown: If it loses $15.50 support, the downside target becomes $10.50, calculated using the same rectangle height on log scale (to reflect proportional downside risk).
Until either side breaks, this remains a range-trading environment.
