- Avalanche ($AVAX) nears $32 resistance, signaling potential for further gains if a breakout occurs.
- AVAX’s uptrend is supported by strong ecosystem growth, including its newly launched game.
- Breaching $32 could drive AVAX toward March highs, attracting more investor interest.
Avalanche ($AVAX) is attracting attention after showing strong price momentum, fueled by its newly launched game which has been gaining popularity.This breakout has been one of the most consistent uptrends since early August of this year for AVAX. So far, investors and traders still focus on strategic points that indicate the difficulty factor for the asset’s breakthrough or the psychological $32 level. A breach to the upside of this range may further mean a move towards its highs around late March.
AVAX’s Uptrend Continues
The price of Avalanche has been on the rise ever since it reached its lowest point in August. This bullish trend is also inspired by the latest developments around the Avalanche gaming ecosystem that has garnered heightened attention. One can also see relaxation in the sentiment because of a new launched game that has been receiving a lot of traction which has strengthened the market sentiment of this project as well.
$AVAX looks pretty good here.
Its newly launched game is gaining hype, and price has been in an uptrend since August bottom.
I’m keeping a close look at the $32 level as a breakout will push AVAX towards March highs. pic.twitter.com/z8WMNeUbtr
— AMCrypto (@AMCryptoAlex) October 16, 2024
The price for this currency pair chart has increased in the long-term straight trend line with both support lines forming an ascending triangle pattern. This often suggests a continuation of bullish patterns.
Key Resistance at $32 with Growing Ecosystem Strength
The $32 level has drawn so much attention from the traders. Based on such a chart, this level is a key resistance area, and a breakout past it could take AVAX towards levels not seen since March, as mentioned before. Many market analysts agree with this idea as it showed in the high level of $215,000 that if AVAX managed to break through it the asset may experience a long-term bullish run. Previously, AVAX has exhibited high volatility upon the same technical breakout pattern.
Even though Avalanche highly depends on the abstraction of its technological position, the latest wave of price increases has not only a technical background but also concerns the development of the ecosystem. The newly launched game has received tremendous attention from its users, making Avalanche a big player in the future blockchain gaming space. That said, if the blockchain continues to integrate more aspects of gaming in its operations, Avalanche can expand this factor to drive its expansion in 2024.
