AVAX Price Rebound Hinges on Breakthrough of Critical Resistance Zone

Avalanche (AVAX) is near a critical resistance zone around $8 as it attempts to recover from its recent decline. According to crypto analysts, if AVAX breaks through this resistance, it could extend its recovery towards $10.60.

The current price of AVAX is around $7.40, having slipped 0.37% over the last 24 hours, according to Brave New Coin data. The rounded-bottom structure and key moving averages align at this resistance zone, making it a crucial area for buyers to secure a sustained breakout.

Historically, moves above both longer-term averages can mark a significant shift in market structure. However, AVAX still needs to break through the current cluster and hold above it rather than just producing a short-lived move through resistance.

The Elliott Wave setup suggests that AVAX may be approaching the end of a long corrective structure, with potential recovery levels mapped around $28.51, $35.56, $42.60, and $52.62. These targets remain longer-term and require AVAX to first break out from its current lower-range structure.