Avalanche Breaks Above Pennant Pattern, Eyes $9 Resistance
Avalanche's price surged over four consecutive days, breaking above its multi-week pennant pattern and bringing it closer to reclaiming the $10 psychological level.
The token has traded above its key Exponential Moving Averages, adding support to its bullish structure. However, the $9 resistance remains a key hurdle separating the breakout from its target.
Avalanche's network activity is also on the rise, with Network DEX Volume reaching a new monthly high of $141.61 million over 24 hours. This increase in decentralized exchange activity has strengthened the token's recovery outlook.
However, some caution should be taken as AVAX's Long/Short Ratio shows that long accounts represent approximately 70% of tracked trader positioning, increasing its exposure to a potential long squeeze if it rejects near $9.