AVAX Holds Firm Above Support with Breakout Expected if Price Clears $15.7 Resistance

Key Insights:

• AVAX price holds steady between $12.2 and $15.7, with bulls targeting a breakout above resistance.
• Daily active addresses on Avalanche surge 986.5%, reaching 1.71 million users in mid-January network activity spike.
• Traders watch $15.7 candle close as signal for possible AVAX trend reversal and upward momentum continuation.

Avalanche (AVAX) is currently trading above a key support level of $12.2. Market watchers are closely observing whether the coin can break through resistance level and if it succeeds, traders believe this could confirm a trend reversal on the daily chart.

AVAX Price Movement Between Key Levels

For the last three weeks, AVAX has moved between $12.2 and $15.7. The $15.7 level has acted as a strong resistance, blocking upward movement while traders view this range as a key zone to watch for a breakout.

Secda35 noted, if it can close a daily candle above 15.7, it will break the downtrend. He also shared resistance levels up to $35.7, which some traders may use for profit-taking and also added that he personally plans to sell at around $60.

Meanwhile, butterfly_chart analyst observed a symmetrical triangle pattern forming on the weekly chart. He pointed out that AVAX is rebounding from the lower boundary, suggesting a possible increase in bullish pressure. Technical traders often see this kind of pattern as a sign of potential breakout when volume increases.

User Activity on Avalanche Network Grows Sharply

Avalanche’s blockchain has seen a rise in on-chain activity, driven by growing demand for its applications. Daily active addresses surged to 1.71 million in mid-January. This marked a 986.5% increase compared to the usual 300K to 500K daily users.