Avalanche (AVAX) Shows Potential for Bullish Momentum as SMA Indicators Point to Market Sentiment Shift

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Avalanche (AVAX) is showing a narrower range of activity compared to Solana (SOL), indicating a more consolidated market sentiment or a potential breakout or breakdown. The 10-day Simple Moving Average (SMA) for AVAX is at $12.04, suggesting short-term bullish momentum. If AVAX maintains a price above both the 10-day and 200-day SMAs, particularly above $11.96, it could indicate buyers defending their ground and potentially setting the stage for an uptrend. The initial target in a bullish outcome would be the resistance level at $13.02, with a potential surge towards the next resistance level at $14.07. However, traders should be aware that the 52-week high of $22.76 is still a far stretch from current levels, tempering expectations. On the other hand, if AVAX falls below the SMAs, it could signify weakening confidence among investors and a potential bearish trend. A break below $10.90 could send AVAX towards the next support level at $9.85. Traders and long-term investors should closely monitor these SMA levels and pivot points as they navigate the market.

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