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• Avalanche stays one of many key sensible contract platforms

• The native token bottomed at $14 however has since doubled in price 

• AVAX trades at $23 after the newest corrections since touching $30

Avalanche AVAX/USD is battling the $21 assist, with bulls seemingly trying to win. Nothing is certain, after all, as we stay largely in a bear crypto market. Nonetheless, bulls ought to stay optimistic a couple of potential short-term rally.

Avalanche stays one of many prime cryptocurrencies regardless of crashing these days. The native token could be staked and deployed as a unit for transactions. The blockchain protocol turned standard in 2021 on the peak of the sensible contract increase. AVAX rose above $150, rating among the many main sensible contract platforms.

A crypto crash this yr and LUNA-inspired volatility gripped AVAX, forcing it to a backside of $14. The price has been recovering, doubling in August earlier than the correction. While AVAX was buying and selling at $23 at press time, bullish indicators are creating. We undertaking a short-term price surge to $27 resistance.

AVAX stays within the consolidation zone after the newest correction

Source – TradingView

Technical evaluation exhibits that AVAX is slowly recovering from the $21 assist. The cryptocurrency has shaped a number of inside bars on the assist. The inside bars point out indecision and a possible bear exhaustion after the newest correction. A breakout of the within bar to the upside will affirm a bullish reversal.

On the momentum indicator, there are additional bullish indicators for AVAX. Although the MACD indicator stays within the bear zone, the weak point is abating. That means that AVAX is strongly rejecting any additional drop under $21.

Concluding ideas

A bull case for AVAX might be confirmed by a breakout of the within bar sample. The token may nonetheless face resistance at $27.