Avalanche Price Readies to Rocket Higher on Falling Wedge Breakout
Avalanche's price has been stuck in a tight range for a month, but traders who caught its last big run know how quickly it can move once it picks a direction.
The coin is currently testing resistance that it has failed to clear since May, and a breakout above this zone could send the price towards $8.18, $9, and eventually $10.55.
A recent payment initiative by the Avalanche Payments Collective, which includes firms such as Axiym and Nonco, is seen as a positive signal for long-term adoption, but a treasury covenant default by AVAX One, which holds nearly 14 million AVAX tokens, worth around $88 million at press time, could have negative implications.
The market is still deciding on direction, with liquidation data showing that short positions took the bigger hit over the past hour, while long/short ratios across major exchanges lean bullish.