Avalanche Price Jumps 62%, AVAX Price Eyes To Hit $65?
As the altcoin market maintains November’s bull rally, the top coins have added huge value to their respective portfolios over the past few days. Since then, AVAX price has regained the $40 mark and is on track to hit an 8-month high.
With Avalanche price hovering near $43, will it maintain bullish sentiment and hit $50? Or will this altcoin experience a strong bearish pullback this month? Let’s decode this analysis!
AVAX price surges 60% this month!
Despite falling about 3% in 24 hours with trading volume of $1.674 billion, the altcoin has surged 26.11% in the past seven days and 61.28% this month. It ranks 11th with a market capitalization of US$17.46 billion.
The EMA 50/200 daily line experienced a golden cross on the daily time frame. This indicates an increase in oversold buying and selling of altcoins in the cryptocurrency market.
The Relative Strength Index (RSI) has successfully retested its overbought range and continues to trade above it. Furthermore, Avalanche price is likely to continue to appreciate in value in the future as its average trendline records similar price trends.
Will AVAX price hit $50 this week?
If the market favors the bulls, Avalanche price will retest the $50 mark this week. Sustaining the price at this level could set the stage for it to move towards the overhead resistance at $57.20.
On the other hand, if a trend reversal occurs, the AVAX token will retest the $40 support. Furthermore, if bearish sentiment intensifies, it could lead the altcoin to fall towards this year’s lower support at $31.50.
I would love to know when this altcoin will reach $100. Read CoinPedia’s AVAX Price Forecast And subscribe to us to stay updated with the latest crypto news!
FAQ
AVAX fell 2.58% intraday, with a valuation of $42.56.
If the bullish sentiment continues, the Avalanche coin could reach a high of $160 in 2025.
For AVAX price to reach the $100 mark, it needs to rise by 134.96%.
