Avalanche price has displayed significant price action recently as the token gained over 7% in value within the past day, and has doubled the net worth of its investors during the past month by adding 102% in value over the past 30 days.
The AVAX price started the month of November trading in a consolidated range between $11.82 and $13.18. Following this, the market gained momentum and the price broke out of multiple resistance levels.
Avalanche price recorded a jump of 43% in value within the next three days, after which the price faced rejection at $18.94.
After this, the price recorded a minor correction of 10%, but the bulls held the price strong above the support level of $16.49, resulting in a bounce back. Further, the AVAX price displayed a notable run of over 42% and recorded a new yearly high at $23.58 before being rejected.
Since then, the price has been trading in a consolidated range between $20.11 and $22.34 with significant price volatility in its chart.
The Relative Strength Index (RSI) displays a sharp rise in its averages, indicating a massive ongoing price action for the coin. Further, the levels hover close to the overbought range, suggesting a strong bullish influence in the market.
Will AVAX Price Rise Again?
If the bulls hold the price above the $22.34 level, the AVAX price will regain momentum and prepare to test its resistance level of $23.58 soon. Further, if the bulls continue to gain power, it will gain momentum and make a run to test its upper resistance level of $24.75.
Maintaining the price at that level will set the range for Avalanche to attempt to test its high of $25 this month.
On the flip side, if a trend reversal occurs, the Avalanche price will lose momentum and fall to test its support level of $20.11 soon. Moreover, if the bears gain power over the bulls, it will plunge further and prepare to test its lower support level of $18.94 in the coming time.
