AVAX Price Trends: Bulls Are Back
With a rounding bottom breakout rally in the AVAX price trend gaining momentum, the bulls have regained control. The recent $40 breakout is now approaching the $50 psychological mark, sparking optimism among buyers for a potential new 52-week high.
Could Avalanche’s recovery run result in a new peak at $70? Let’s dive into our detailed AVAX price analysis.
AVAX Breakout Run Eyes $50
The daily chart reveals a strong rounding reversal in the AVAX price trend. The bullish breakout above $40 has gained momentum, marking a significant recovery. Over the past three weeks, AVAX has surged by nearly 90%, surpassing its long-standing neckline resistance.
The post-retest reversal continues to strengthen, as evidenced by multiple low-price rejection candles and a recent 5% surge in the last 24 hours. Currently, the Avalanche token trades at $43.07 with an intraday gain of 0.89%, forming a second consecutive bullish candle.
These indicators suggest a high likelihood of a bullish continuation in AVAX price analysis.
Technical Analysis
EMA: The 50-day EMA shows divergence following the recent golden crossover. Meanwhile, the 100-day and 200-day EMAs are converging for a bullish crossover, signaling an upward trajectory.
MACD: The MACD and signal lines maintain a positive alignment, indicating a healthy bullish trend. Additionally, mildly intense bullish histograms reinforce the ongoing rally.
Will AVAX Price Top $70?
Based on price action analysis, AVAX faces potential upside targets at $51.8 and $60.75. The rounding-bottom breakout pattern has significantly boosted the chances of a new 52-week high.
If the bullish trend continues, the market could see AVAX surpass $65.38 and reach a peak of $70.09 by the end of December. However, on the downside, critical support levels remain at $36 and $32.
FAQs
1. What factors are driving AVAX’s bullish momentum?
AVAX’s recent rally is supported by a rounding bottom breakout pattern, strong post-retest recovery, and positive technical indicators such as EMA golden crossovers and upward-trending MACD signals.
2. What are the key resistance levels for AVAX?
The critical resistance levels for AVAX in this rally are $51.8 and $60.75, with a potential target of $70.09 if the bullish trend persists.
3. What could reverse AVAX’s bullish trend?
A reversal in AVAX’s bullish trend could occur if the price falls below crucial support levels at $36 and $32, indicating weakening momentum and a potential bearish shift.
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