Avalanche Price Holds Above Key Support After Triangle Breakout

Avalanche (AVAX) price is holding above key support after breaking out of a triangle pattern earlier this month.

The cryptocurrency's price surged toward $8.30 following the breakout, but pulled back to around $7.20, putting the $6.50, $7.00 zone in focus as a crucial level for bulls to defend.

Crypto analyst Crypto With Gopal noted that AVAX formed a triangle pattern before breaking out of a smaller structure and pushing toward $8.30. The analyst said bulls now need to defend the $6.50, $7.00 support zone and reclaim $8.30 to restore stronger upward momentum.

At the time of writing, AVAX traded near $7.5461, above both its 20 EMA at $7.4283 and its 200 EMA at $7.3147. The RSI on the four-hour chart reads 57.09, staying above the 50 mark.