With Bitcoin dominance reaching the 30-month high, the overall market finds a fresh breeze of a bull run. Similar to other major altcoins, the AVAX price skyrockets with the recovery season, blooming double-digit returns for the market.
Bouncing back from the $8 mark, the Avalanche token buyers regain trend control to rise above the 50-day EMA. With such a fightback, the AVAX price prediction hints at potentially reaching the $15 mark before 2023 ends.
During the ongoing 26% jump, the increased demands at $8 and Bitcoin rising to $35K were major catalysts driving the bull run. Leading to a bullish pattern in hindsight, the AVAX price action forms a double bottom with a neckline at $11.
Currently, the AVAX price trades at $10.99 with an intraday growth of 4.56%, leading to a bullish engulfing candle and teasing a breakout rally. The seven bullish candles in the last eight trading sessions reflect a strong bullish trend momentum.
The overhead resistance at $11 has been a critical supply inflow spot for the last few months, keeping the bullish growth under check. Therefore, a successful candle closing above this crucial level will signal a bullish entry spot in AVAX price.
Technical indicators:
EMA: The bullish breakout of the 50-day EMA increases the possibility of a golden crossover if the uptrend sustains momentum.
RSI indicator: The RSI indicator displays a rounding reversal to renter the overbought boundary.
Will AVAX Price Rise Above $12?
Considering the overall market recovery continues to gain momentum, the blue-chip altcoins will continue to perform exceptionally well. Similarly, the AVAX price will rise higher, and the double bottom breakout will catalyse the bull run and reach $15 faster than anticipated. However, the $12.5 mark may be a pitstop in the rally.
On the flip side, a reversal from $11 or a failure to sustain the momentum can lead to a price drop to $10.
