Avalanche (AVAX) has recently experienced a significant uptick in trading volume, marking an increase of approximately 250% over the past day. This notable surge in volume could be attributed to traders capitalizing on the cryptocurrency's volatile price movements or positioning themselves for potential future shifts in the market.

Currently, AVAX faces key resistance levels at $50 and $59.99, while the immediate support stands at $39.95. If the price fails to hold above this support level, it could potentially drop to the next significant low at $27.53.

On the other hand, if AVAX manages to maintain its current support, we could see an attempt at an upward correction towards $50.80. A successful break above this level could pave the way for the cryptocurrency to challenge the higher resistance at $59.99.

NB

It's important to note that this analysis is not financial advice. The cryptocurrency market is inherently volatile, and price movements can be influenced by a myriad of factors. Therefore, investors should exercise caution and conduct their own research before making any investment