As the price of Bitcoin stays above the $100k mark, the crypto market has displayed a strong bullish recovery over the last 24 hours. Moreover, the AVAX price has outperformed top crypto tokens with a double-digit rally during this period.
Moreover, with the altcoin season index turning bullish, investors are curious about questions concerning the altcoin season rally. In this article, CoinPedia’s expert panel has uncovered the short-term possibilities of the Avalanche (AVAX) token.
AVAX Price Reclaims The $50 Mark!
With a strong bullish recovery, the Avalanche price has reclaimed the $50 mark. Despite recording a correction of 5.37% in seven days, it has soared 42.43% during the last 30 days and has 2xed its investor portfolio over the past 37 days.
The Relative Strength Index (RSI) has successfully retested its neutral point in the daily time frame. Moreover, with its average trendline hovering close to the overbought range, the Avalanche price may continue gaining value this week.
On the other hand, the SMA indicator shows a high possibility of a positive crossover in the AVAX price chart. This suggests a bullish outlook for the altcoin in the upcoming time.
Will Avalanche Price Hit New 52-week High?
Maintaining the price above its $50 mark could result in it retesting its $57.20 mark by the upcoming weekend. If the bullish price action intensifies at that point, the Avalanche token could head toward its upper resistance level of $65.50 this year.
However, if a trend reversal occurs, the AVAX token could retest its support level of $48.45. Furthermore, if the bears continue gaining momentum, this altcoin could plunge toward its low of $39.30.
To find out answers to questions like Will AVAX reach $100? Read CoinPedia’s Avalanche Price Prediction. Also, subscribe to us to stay updated on the latest crypto-related news!
FAQs
For this altcoin to achieve this price target, it will need a price rally of 1,897.204% in its current project valuation.
With a monthly return of ~50%, this altcoin has gained significant attention from top crypto investors and whales, making it a good long-term investment.
The AVAX token is presently exchanging hands at $50.07 with a 24-hour trading volume of $1.005 billion.
