Avalanche AVAX app of cryptocurrency stock market analysis on the screen of mobile phone in man hands and downtrend charts trading data on the background, February 2022, San Francisco, USA.
Avalanche (AVAX) price has been on a tear since the formation of the double top pattern in October. The ongoing surge is supported by very strong volume, due to which the outlook on AVAX crypto is looking very bullish.
On Wednesday, the native asset of the Avalanche ecosystem led the crypto market with more than 20% gains. At press time, the cryptocurrency was trading at $20.22 after a minor correction from the daily highs. This bullish price action comes due to a strong rebound in the Bitcoin price from the fresh weekly lows.
However, despite an exponential surge in the Avalanche price, the total locked value on its blockchain is down almost 15% since the start of 2023. This is a major cause of concern for the investors as a decrease in TVL usually means low network activity.
It is not hard to understand the following AVAX to USD chart. It is clearly visible that the price is targeting the top of the falling wedge pattern after a breakout in October. The first bullish target is the $21.5 resistance.
A reclaim of this level might result in a bigger push toward the high timeframe resistance which lies above $30.