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AVAX is trading near a key support zone as its weekly chart continues to show a long-term descending triangle. Price action indicates buyers are stepping in, while consolidation forms near the lower boundary of the structure.
Since its 2021 peak above $130, AVAX has remained within a broad downtrend. The weekly chart highlights lower highs, guided by a descending resistance trendline, which has kept selling pressure active during prior rally attempts.
Analyst Butterfly, posting on X, said AVAX is bouncing from the lower edge of the triangle. The post added that buyers are showing interest near this support, with early signs that control may be shifting toward bulls.
AVAX is hovering around $9.18, just above a strong support zone between $10.5 and $11. This area has been tested multiple times and is described as a key level for market participants. Below it, the $8 to $9 range is identified as a short-term accumulation zone.
The chart also shows reduced volatility within this band, with price movement tightening and forming consolidation. The article links this behavior to slowing selling pressure and buyers absorbing available supply.
Volume data is cited as supporting the consolidation view. Larger spikes appeared during earlier sell-offs and rebounds, while more recent activity has stabilized without sharp increases in selling. This is presented as a sign the market may be entering a transition phase.
Even with support holding, several resistance zones remain in focus. The first barrier is between $13.5 and $16.5, where recent price rejection occurred. A move above this range could shift short-term momentum.
Next, the $20.5 to $25.5 range is identified as a mid-level resistance zone. This area is said to align with prior price structure and could slow upward progress if reached.
The descending trendline near $30 is described as the most critical level. A breakout above it would change the long-term structure by ending the pattern of lower highs and opening the path for a broader recovery. The chart projections cited in the article suggest such a move could push price toward the $60 to $80 range.
On the downside, the article notes that a break below $8 would weaken the current setup. In that scenario, price could move toward the $6 to $7.5 region, a level described as having served as support in the past and potentially attracting new buying interest.
For now, AVAX remains in a narrow range between $8 and $12, described as a key area where both buyers and sellers are active. The longer price stays within this band, the stronger the next move could be, as the weekly chart reflects a market in balance awaiting confirmation.
A move beyond the defined support and resistance levels is expected to set the next direction for AVAX.
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