Technical analysis by Bitcoin_Benny about Symbol AVAX: Buy recommendation (12/12/2024)

Avalanche’s recent price performance reflects a bullish trajectory, marked by a breakout from prolonged consolidation phases. The chart indicates two earlier periods of accumulation, where rounded bottoms were formed before subsequent strong breakouts. Each of these breakouts led to exponential price increases, with the latest move propelling AVAX’s price to its $50 target.Support and Resistance Zones Identified:The $10–$12 range served as a strong accumulation zone for AVAX during the earlier phases of consolidation. As the price gained momentum, the $25–$30 range emerged as a key resistance level. This pattern showcases AVAX’s strong growth potential following each period of accumulation and breakout.