Avalanche Price Hovers Near $6.65 Amidst Short-Term Breakout

Avalanche's price has been on a rollercoaster ride in recent weeks, and it appears to be at a critical juncture. After dipping as low as $6.10, the AVAX token has surged by over 3% this week, currently hovering near $6.65.

The short-term trend is bullish, with buyers reclaiming momentum after breaking above its descending channel on the 4-hour chart. The Supertrend indicator has flipped bullish, and the MACD has completed a bullish crossover, indicating accelerating upside momentum.

However, the weekly trend remains bearish, setting up a battle between short-term optimism and long-term resistance. To confirm a genuine trend reversal, AVAX must first reclaim the upper boundary of its long-term descending channel before challenging the $10.20 resistance level.