With the market recovery finding fresh momentum each day, the altcoins are extending their bull run. Under such a high-demand phase, the AVAX price trend is breaking multiple barriers and recovering lost levels.
With a prolonged uptrend, the Avalanche price is up by almost 200% within the last 50 days, reflecting the growing demand. Further, the uptrend breaks past a crucial mark of $25, signaling a breakout entry opportunity.
Source – Tradingview
With a triangle breakout in the 4H chart, the short consolidating break returns to the bullish track and picks up the pace. With a boost in the intraday volumes, the AVAX price jumped 25% in the last nine days, making a single bearish candle during the run.
Crossing the $25 mark, the AVAX price trades at $25.55, showing an intraday growth of 4.07% despite a long wick formation. The buyers anticipate a $25 breakout rally to reach the next stop at $30; however, the cautious players await the closing price to sustain above $25.
TVL Growth Continues For Avalanche
Over the last three months, the TVL and volume trend for the Avalanche network has shown a positive move. With TVL reaching $105.774B with a volume of $4.238B, the adoption rate of the Avalanche network has been on a splendid rise.
Source- DefiLlama
The increased trust and adoption towards the Avalanche network reflects an improving market sentiment and boosts the AVAX price. Further, the increased liquidity in the network may soon result in users executing large transactions over the network, reflecting the improving health of the Avalanche network.
Read more about the upcoming Avalanche price trend 2024 in our AVAX Price Prediction.
Technical indicators:
RSI: The daily RSI line seeps into the overbought territory and signals a remarkable increase in the underlying demand. Further, the lack of bearish divergence increases the possibility of an uptrend. Therefore, the momentum indicator maintains a bullish standpoint for the Avalanche price trend.
MACD: The MACD and signal lines give a bullish crossover and teases a trend continuation for AVAX price.
Will AVAX Price Reach Escape Velocity To Cross $30?
While the market recovery and improving sentiments are the critical reasons for the AVAX price jump, the improving network health attracts new investors. Further, the price analysis signals a strong uptrend with a growing possibility of a bull run to $30.
However, the rising momentum and the improving market health tease a bull run beyond $30. Under such scenarios, the uptrend can reach the $36 mark.
However, the Avalanche market value can retest $25 if a supply wave jumps in.
