Avalanche price has withstood several days of upward pressure, but has not confirmed a strong rebound to the annual high point

Despite facing significant upward pressure on the price, a 12% increase from current levels may restore a decent bullish start.

The cryptocurrency market is fluctuating within a narrow range, unable to break through the resistance level, while defending the support level during each bear attack period. In addition, the trading volume of tokens has been significantly reduced, resulting in lower volatility for cryptocurrencies like Avalanche. When more squeezing is expected, the AVAX price is expected to trigger a strong breakthrough, raising the level above the current consolidation.

Avalanche is one of the tokens, and it is believed that their performance will surpass the first 2 tokens in the upcoming price action because they are considered to be severely undervalued at the current price. This is mainly because even after Avalanche 9000 was launched, the price did not change significantly, which is considered to be the biggest upgrade in the history of the platform. However, before the release, the price was moving towards the annual high point, but the token followed the market trend and fell more than 30%.

The token has failed to break through $40 in the past week, which may have raised some concerns about the next price action. However, from a broader perspective, AVAX prices are still expected to rise by 50%, but if the bulls can regain a 12% increase by the end of 2024.