Avalanche (AVAX) Surges 10%; Overtakes Dogecoin for Ninth Spot; $50 Targeted?

Avalanche AVAX

Avalanche (AVAX) price is approaching a crucial resistance level break, potentially sparking a 25% rally. Positive AVAX funding rates indicate a bullish trend and forthcoming momentum. RSI levels suggest a robust resurgence in buying activity for Avalanche (AVAX).

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Today, alongside Bitcoin, the altcoin market is witnessing a significant surge of 2.6%. Among them, Avalanche stands out as the star performer, with its price skyrocketing by 10% in the last 24 hours to reach $39.28. Additionally, the trading volume for AVAX has surged by 82% during the same period.

Avalanche (AVAX) Surpasses Dogecoin, Eyes Further Growth

In the current price rally, Avalanche (AVAX) has surpassed Dogecoin to secure the ninth position. This achievement follows a strong rally in the fourth quarter of 2023, propelling AVAX into the top ten cryptocurrencies.

The daily AVAX/USD chart indicates a potential breakout scenario. Currently, bulls are challenging the $39 resistance level, with a successful breakout potentially pushing AVAX to $43.85. Conversely, a rejection may prompt a pullback towards the next support zone at $33.85.

The Relative Strength Index (RSI) sits at 54.42, signaling a resurgence in buying momentum. The Awesome Oscillator (AO) has been indicating increasing upward momentum for AVAX since rising from negative levels. Moreover, the Directional Movement Index (DMI) reinforces bullish sentiment, highlighting greater buyer aggression compared to sellers in the market.

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Analyzing Avalanche’s Potential Trajectory

The Average Directional Index (ADX) for AVAX currently sits at a relatively weak 13.49. However, a rise above 25, along with the positive Directional Movement Indicator (+DMI) leading the negative Directional Movement Indicator (-DMI), could indicate AVAX’s potential trajectory toward $40.

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Despite the positive outlook, potential obstacles lie ahead, highlighted by the Liquidation Heat Map forecasting significant liquidations around the $37 mark. Investors utilizing high leverage and maintaining low-margin balances face increased risk, especially if AVAX surpasses the $38 threshold.

Market volatility remains a crucial factor to monitor, with fluctuations in volume potentially signaling forthcoming price movements. A decrease in volume may prompt a pullback, while an uptick could propel AVAX toward the $50 level.

Encouragingly, on-chain data reveals a positive Funding Rate for Avalanche (AVAX), indicating that long positions are paying a funding fee to short positions. This bullish signal adds to the potential for sustained price appreciation in the AVAX market.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.


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