AVAX Stuck in Falling Wedge Pattern, Seeks Catalyst to Break Out
AVAX's medium-term price action remains stuck in a falling wedge pattern, and analysts believe it needs a catalyst to break out of this structure.
Avalanche's total value locked (TVL) on DeFiLlama stands at approximately $422 million, up 1.53% over the past 24 hours. Net capital inflows reached about $44.4 million during the same period, and around 3.36 million transactions were processed across 187,841 active addresses.
However, a closer look at the broader market reveals less encouraging trends. The stablecoin market capitalization fell by 3.34% over the past week to $1.58 billion, while seven-day decentralized exchange (DEX) volume dropped 31.49% to $238 million.
The next level of resistance for AVAX is at $6.56, where the 50-day Simple Moving Average (SMA) is located. A decisive break above this average could strengthen short-term bullish momentum and potentially open the way toward $7.