Avalanche (AVAX) Remains Restricted Below $12
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- AVAX remains below the key $12 resistance despite strong market fundamentals.
- Technical indicators suggest continued bullish momentum, with price above the 9-day EMA.
- A break above $12 could open the way toward the $20 price level.
While the $12 resistance level in Avalanche remains strong, fundamentals show that tokenized treasuries on Avalanche have surged by a whopping 300%. Although this hasn’t had an immediate effect on the coin yet, it could attract traders and investors. Let’s commit more study to the token below.
AVAXUSDT on a 24-Hour Chart
The Avalanche market has been breaking out lately. As of the current session, the market has pulled back below the $12 price mark. Nevertheless, price activity stands above the 9-day Exponential Moving Average (EMA) line.
Simultaneously, the Stochastic Relative Strength Index (SRSI) indicator lines can be seen still keeping a general upward path. The lead line has a slight deflection at the terminal part.
Avalanche Bulls Retain a Nice Prospect
The AVAXUSDT market can be seen to have been breaking out successively from one resistance to another. First was the market breaking out of the resistance at the $6.935 price level, then the $8.00 price level.
However, the $12 price level has been a hard nut to crack, as the market keeps retreating below that price level following a test. Although the ongoing session is a bearish one, it stays above the 9-day EMA curve.
Meanwhile, the SRSI indicator lines can be seen keeping to a general upward path and still in the oversold region. Be that as it may, the market seems ready to proceed upwards as we proceed.
AVAX Will Soon Be Breached
Coming from a fundamental front, it is clear that the market may soon receive some boost. This is coming from the fact that more investors may flock to the coin given the growth surrounding it.
Also, from the technical standpoint, price action provides a good basis for continuous upside corrections. Consequently, this will lead to the breaching of the $12 price level, and the market may push toward the $20 price mark.
