Avalanche (AVAX), the native cryptocurrency of the Avalanche blockchain platform, has been gaining significant attention in the crypto market. As the crypto market experiences both ups and downs, AVAX has been displaying remarkable resilience. This article delves into the recent price action and provides an analysis of the critical level that AVAX whales may be closely observing.

Price Analysis - 23rd July 2023:
Over the past few weeks, AVAX has been witnessing substantial price movements, with both bullish and bearish trends. As of 23rd July 2023, AVAX is trading at $32.50 per token, with a market cap of over $7 billion. The recent rally in AVAX's price is reflective of the overall bullish sentiment in the cryptocurrency market.

Bullish Momentum and Key Resistance:
The bullish momentum in AVAX can be attributed to several factors, including positive news developments, strong fundamentals, and growing adoption of the Avalanche blockchain platform. As AVAX continues to garner attention from investors and developers, it is likely to attract more interest and capital inflow.

One of the key resistance levels that AVAX is currently facing is at $35. If AVAX successfully breaks above this level, it could potentially trigger a new wave of buying pressure, leading to further price appreciation. The psychological significance of $35 as a round number adds to its importance as a resistance level.

Whale Accumulation Patterns:
Whales, large holders of AVAX, have been known to influence the price movements of cryptocurrencies significantly. Their buying and selling patterns can often dictate market sentiment and trends. Observing the on-chain data, there have been indications of whale accumulation at certain price levels.

Currently, AVAX's on-chain data suggests that whales may be accumulating at around $30 to $32.50 range. This could imply that large investors are confident in the long-term potential of AVAX and are adding to their positions at these levels. The increased accumulation at this critical level may act as a strong support in the event of a price correction.

Technical Indicators:
Analyzing the technical indicators, AVAX is displaying a bullish outlook. The Relative Strength Index (RSI) is in a positive territory, indicating strong buying momentum. Additionally, the Moving Average Convergence Divergence (MACD) is showing a bullish crossover, further supporting the case for potential price appreciation.

As AVAX continues to attract attention from both retail and institutional investors, it has shown resilience against market fluctuations. The critical level at $35 remains a key point of interest for AVAX whales, and a successful breakthrough could pave the way for further price gains. The ongoing accumulation at $30 to $32.50 range may act as a strong support level in case of a price pullback. However, it is important to note that the cryptocurrency market is inherently volatile, and investors should exercise caution and conduct their due diligence before making any investment decisions.
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