AVAX price showcased a remarkable rebound from the lows of $8 and streamed over 300% in the recent sessions, furnishing buyers accumulation on the charts. Moreover, the AVAX price has memorized the bullish territory mark above $40 and is still lengthening the up move, ruling toward $50. Furthermore, the momentum is strong; buyers have peeked assertively for the past sessions. Additionally, the Avalanche crypto offered a bull dominance, whereas the rally badly impacted the bear cartel.
AVAX price is trading above the key moving averages and persisting in forming the higher high swings that replicate the follow-on buying outlook. Furthermore, the trend is strong, and buyers are holding the gains decisively, guiding a strong sentimental stance for the following sessions.
The live price of AVAX crypto is $44.62, with an intraday drop of 3.80%, showing bullishness on the chart. Moreover, the trading volume increased by 7.08% to $1.08 Billion. However, the pair of AVAX/BTC is at 0.00103 BTC, and the market cap is $16.35 Billion. Analysts have maintained a bullish rating, suggesting the outperformance will continue in the following sessions.
AVAX On Daily Charts Displays Trend Reversal
On the daily charts, the AVAX price persisted in steering the upward move and is skyrocketing the gains following the crypto market rally. Besides the upward movement, the AVAX price is all set to claim the upward mark of $50 to meet the supply zone, which will affect a significant block of sellers. If the AVAX price escapes $50, an additional 20% spike to the $60 mark is likely.
The relative strength index (RSI) curve stayed close to 70 in the overbought zone, guiding a positive divergence on the charts. The MACD indicator showed a bullish crossover and formed green bars on the histogram, suggesting that outperformance will continue in the following sessions.
Weekly Charts Exhibit Double Bottom Pattern Breakout
On the weekly chart, AVAX price escaped the neckline hurdle of $30 and noted a breakout with a strong volume spurt. After the flight, follow-on buying continued and AVAX continued stretching the rally. Per the Fibonacci retracement zone, AVAX price has escaped the 61.8% zone and is waiting to step up the ride to surpass $50.
Summary
AVAX price portrayed a huge recuperation from the lows and is steering bullishness on the charts. Additionally, the buyers have maintained a firm grip, showed their resilience, and are celebrating the gains in the past few sessions.
Technical Levels
Support Levels: $40 and $38
Resistance Levels: $47 and $50
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
Source: https://www.thecoinrepublic.com/2023/12/27/avax-price-prediction-avax-from-plinth-to-paramount-eyes-50/