Avalanche Price Breakout Imminent as Resistance Zone Looms

Avalanche's price has been stuck in a tight range for over a month, but technical analysis suggests that it may be on the verge of breaking out.

As of August 8, 2023, AVAX is trading at $6.522, up 1.95% in the last 24 hours according to CoinMarketCap data. The token has been testing a resistance zone it failed to clear for weeks and a breakout above current resistance could send prices towards $8.18, $9, and eventually $10.55.

A new payments initiative called Avalanche Payments Collective is bringing together firms across payments and treasury to make cross-border transactions faster and more capital-efficient, which could be seen as a positive signal for long-term adoption.

However, AVAX One's treasury firm hit a roadblock when its lender raised the minimum liquidity requirement 35-fold to $3.5 million in a recent SEC filing, meaning that nearly 14 million AVAX tokens worth around $88 million at press time do not count toward that new threshold.