The AVAX price has surged past the $25 mark, driven by significant buying pressure. This upward momentum is evident in a 16% increase over three trading sessions, signaling a robust rally following a breakout from a triangle pattern.
Analysts suggest that if the current uptrend can be sustained above $25, the Avalanche market price may likely reach the next target of $30.
AVAX Price Surges Amid Market Recovery: Eyes Set on $30
As the market recovery gains momentum each day, altcoins, including AVAX, are extending their bullish trends. Amid this high-demand phase, the AVAX price is breaking multiple barriers and reclaiming lost levels. Reflecting a prolonged uptrend, the Avalanche price has soared by nearly 200% within the last 50 days, showcasing robust demand.
Source – Tradingview
Breaking through a crucial mark of $25, the AVAX price signals a breakout entry opportunity, driven by a triangle breakout in the 4-hour chart. The bullish momentum, marked by a 25% jump in the last nine days with minimal bearish interruption, suggests a strong uptrend. Currently trading at $25.55, the AVAX price exhibits a 4.07% intraday growth, with buyers eyeing a breakout rally to reach the next target at $30. Cautious players, however, are waiting for the closing price to sustain above $25 before confirming the upward trajectory.
Positive Signals for Avalanche Network: TVL and Volume Surge
In the past month, the Avalanche network has demonstrated a positive trend in Total Value Locked (TVL) and trading volume, reaching $1.29 billion and $155.45 million, respectively. This upward movement in TVL and volume reflects a notable increase in the adoption rate of the Avalanche network, signaling a positive shift in market sentiment. The growing trust and adoption contribute to the positive momentum in the AVAX price, supported by increased liquidity in the network.
Source- DefiLlama
The improved health of the Avalanche network suggests that users may soon engage in substantial transactions, further boosting its overall functionality. For a detailed analysis of the potential Avalanche price trend in 2024, readers are encouraged to explore our AVAX Price Prediction.
Technical Indicators:
RSI: The daily Relative Strength Index (RSI) indicates an entry into the overbought territory, signaling a significant surge in demand. The absence of bearish divergence enhances the likelihood of an ongoing uptrend, maintaining a bullish outlook for the Avalanche price.
MACD: The Moving Average Convergence Divergence (MACD) and signal lines display a bullish crossover, hinting at a continuation of the trend for AVAX price. These technical indicators collectively support a positive trajectory for Avalanche in the near term.
AVAX Price Outlook: Bullish Momentum and Potential for $36
The recent surge in AVAX price can be attributed to the ongoing market recovery and improving investor sentiments. Notably, the network’s enhanced health is also attracting new investors to the Avalanche ecosystem. Price analysis indicates a robust uptrend, raising the likelihood of a bull run towards the $30 mark.
As momentum continues to build and market conditions improve, there’s speculation of a potential bull run extending beyond $30, with the uptrend potentially reaching $36. However, it’s crucial to acknowledge that the Avalanche market value could retest $25 if a sudden influx of supply enters the market, introducing an element of uncertainty to the current positive trajectory.
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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