Avalanche Price Rebounds from $6 Support, Eyes Breakout Towards $7

Avalanche's price has rebounded from its $6 support level, sparking hopes of a breakout towards $7.

The asset's daily trading volume surged by over 42% on August 4, reaching $326.48 million, as the price climbed to around $6.81, up 6% on the day.

Despite bearish pressure in the early hours, Avalanche ($AVAX) eventually tested and broke a crucial resistance level, climbing to a high of $6.95.

A double bottom is forming on the shorter timeframe, with two strong reactions around the $6.77-$6.79 support zone indicating aggressive buying at this level.

The neckline sits at $6.84, and if broken cleanly, would confirm the double bottom and open the door to a target zone of $6.90-$6.95.