Key Highlights:
- AVAX forms a bullish double-bottom pattern near key $23 resistance
- Weekly trendline retest at $18.50 confirms strong historical support
- Open interest surges 14.91%, signaling increased trader participation
AVAX demonstrates breakout potential as technical patterns and market indicators align to support upward momentum. The emerging double-bottom formation, successful retest of long-term trendline support, and growing open interest collectively point to a bullish trajectory.
Double-Bottom Pattern Eyes Breakout Above $23
The 12-hour AVAX chart reveals a double-bottom formation—a classic bullish reversal structure. This pattern shows two rounded bottoms near the $16-$17 zone, establishing strong buyer interest. The neckline currently sits at $22.50-$23.00.
Market analyst TedPillows notes that *"a 12-hour close above $23 would validate the pattern breakout,"* potentially triggering a price surge toward the $27-$30 range. AVAX recently gained momentum after trading near $19.30.
Long-Term Trendline Holds Firm Above $18.50 Support
The weekly chart shows AVAX retesting a major ascending trendline active since early 2021. This trendline has rebounded three times historically, with the current test near $18.50 confirming enduring long-term support.
👉 Why AVAX’s infrastructure growth matters for institutional adoption
Maintaining prices above $18.00-$18.50 could propel a new bullish cycle, as historical data shows AVAX attracts fresh demand at this level with increasing transaction volumes.
Daily Chart Indicators Confirm Bullish Momentum
AVAX’s trading chart demonstrates:
- Double-bottom breakout confirmation
- $18.90-$19.00 acting as new support
- Next major resistance at $23.00
Technical indicators reinforce momentum:
- RSI at 51.13: Neutral with room for growth
- Positive CVD (387.28K): Buyer dominance in volume flow
- MACD crossover: Bullish signal alignment
Open interest surged to $215.7M (14.91% 24h increase), reflecting heightened speculative activity.
Short-Term AVAX Price Forecast
Projections suggest a 9.25% rise to $20.94 by May 2025, despite broader market caution (Fear & Greed Index: 25/extreme fear). AVAX recorded 15 green days last month with 7.92% volatility.
The Nasdaq’s 19b-4 filing for VanEck’s spot AVAX ETF strengthens institutional adoption prospects. This passively managed ETF could bridge traditional investors to crypto markets.
FAQ Section
Q: What triggers AVAX’s potential $30 target?
A: The convergence of technical breakouts, ETF developments, and rising open interest creates bullish catalysts.
Q: How reliable is the $18.50 support level?
A: Historically strong—tested 3x since 2021 with consistent rebounds.
Q: Does the ETF filing guarantee approval?
A: No, but it marks critical progress toward institutional accessibility.
👉 Explore AVAX trading strategies for volatile markets
Disclaimer
This article contains informational perspectives only, not financial advice. Cryptocurrency trading involves substantial risk.
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