$XRP
🚨 AVAX Price Builds Pressure for Major Move 🚨
However, the crypto analyst highlighted that while all attention gravitates towards Bitcoin’s (BTC) price action, Avalanche (AVAX) is prepping for what could be a major breakout. While trading volume has remained low recently, the AVAX price structure is still solid and maintaining a bullish structure.
This indicates that behind the price inactivity, strength and demand are emerging. The price action appearing now resembles a pattern referred to as coiling, in which the market builds up pressure in a tight range for a significant breakout.
This quiet AVAX consolidation is representing the best opportunity for altcoin watchers. With Bitcoin still having the main focus of the market, AVAX may have positioned itself for a breakout as its price action starts to align with the wider bull scenario. Should it play out as it has shown, AVAX could rapidly make gains as soon as the breakout occurs.
Chart analysis represents an important support range from which AVAX should bounce back, and if it breaks, there will likely be a last attempt for a rise before it rallies. Should AVAX hold this support and buying pressure pick up, the next critical resistance levels to watch are at $23.46 and $25.12.