Avalanche's Price Surge: Can AVAX Break Its Multi-Year Downtrend?

Avalanche's price has been struggling to break free from its multi-year downtrend, but recent data suggests that the cryptocurrency may be on the cusp of a recovery. On February 20th, AVAX saw a significant surge in volume, with the price approaching the descending trendline formed after a violent selloff in October.

The daily chart shows a bullish MACD crossover as AVAX approaches the downtrend channel, with the histogram turning slightly positive to signal short-term momentum shifting away from bearish control. However, the Relative Strength Index (RSI) remains below 50, indicating that momentum has not yet fully transitioned into bullish territory.

Elevated taker dominance and rising volume suggest active demand in the market, but a weekly close above the multi-year downtrend is required to confirm a shift. This would be a significant breakthrough for AVAX, which has been struggling to overcome its bearish trend since 2021.