A strong network growth underpins AVAX's recent price gains, but a multi-month technical pattern continues to pose downside risks for the Avalanche token.
, a $180 million liquidity mining incentive program launched in August 2021, for its ability to attract more participants into the network."While Avalanche Rush may continue to serve as a catalyst for ecosystem growth and garner more project launches and partnerships, significant technological advancements are on the horizon for the teams developing the Avalanche core platform and are critical to the network's ability to sustain further growth.
Specifically, the resistance comes as a part of a falling channel. AVAX has been trending lower inside it since the beginning of its massive correction move in late November 2021. As a result, the Avalanche token's probability of continuing downward inside the channel's range—for now—appears higher.An extended pullback upon testing the channel's upper trendline as resistance may push AVAX toward the interim support level of $86.50.
Conversely, a decisive move above the channel's upper trendline could have AVAX eye $104 as its next upside target, with an inclination to hit $135 on a further move upward. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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