By recording 5 consecutive days of positive price action, the Avalanche price is on the verge of achieving the $30 mark. Notably, the 12th largest cryptocurrency by market cap has added ~20% this week, making this the first such bullish week since August.
With Bitcoin price achieving a new ATH each day, will the altcoin market continue experiencing a bullish rise? Further, with the AVAX price achieving its key target, will it slingshot to $50 during the upcoming time?
AVAX Coin On The Path Of A Multi-month Breakout?
The Avalanche price has added 4.98% to its portfolio in the past 24 hours with a trading volume of $480.31 million. Moreover, it has added 18.91% over the past week and 12.21% during the past 30 days.
The Relative Strength Index (RSI) has successfully retested its oversold range in the 1D time frame. This has resulted in it recording an aggressive rise toward the overbought range.
The EMA 50/200-day hints at a potential Golden Cross in the Avalanche price chart. This suggests an increase in the bullish sentiment for the altcoin in the upcoming time.
AVAX Price To Retest $40 This Month?
If the bulls achieve the $31.50 mark, this could result in the Avalanche price heading toward its upper resistance level of $39.30. Maintaining the price above that level could push the price toward its target price of ~$50 in the upcoming weeks.
However, if this altcoin experiences a sell-off or investors liquidate their holdings to book profits, this could result in it retesting its low of $24.
Curious about the long-term targets of this altcoin? Read CoinPedia’s Avalanche (AVAX) Price Prediction to uncover the possibilities!
FAQs
It is currently trading at a discount of ~80% from its ATH, making it a potential buy for the long-term perspective.
With a 24-hour jump of ~5%, this altcoin is currently valued at $29.55.
If the bullish sentiment sustains, Avalanche price may achieve this target price next year.
