Avalanche A Step Closer To $50 As it Jumps 10%! Is AVAX Rally Just Getting Started?

The cryptocurrency market displays constant price volatility as major tokens record significant price movements in their respective values. Further, the Avalanche coin price has recorded a jump of over 9% in its value within the past 24 hours, resulting in the price on the verge of recording a new yearly high.

The Avalanche price traded in a closed range between $19.07 and $23.97 for over two weeks, following which the market gained momentum and the price broke out of the range. However, the rally was short-lived as the bulls faced rejection at $27.46, after which the coin traded sideways for a while.

As bulls regained momentum, the price jumped over 27% before facing rejection at $35. After multiple attempts, the bulls successfully breached the resistance level and recorded a jump of 21.5%, following which the AVAX token faced rejection at $42.5.

The Avalanche token recorded constant fluctuation in its price and bounced between $35 and $42.5 for a while. The bulls attempted a breakout, but the price faced rejection at $45, resulting in a pullback by the bears.

After trading in the range for a while, the bulls are on the verge of retesting their resistance level of $45, of which the outcome is uncertain.

Will AVAX Price Hit $50 Soon?

The technical indicator, MACD, displays a rising green histogram, indicating a massive ongoing buying pressure in the market. Moreover, the averages show a constant rise in the chart, highlighting the price will continue gaining value in the coming days.

If the bulls hold the price above the support level of $42.50, the AVAX price will regain momentum and prepare to test its upper resistance level of $45 today. Maintaining the price at that level will set the stage for Avalanche to test its upper resistance level of $50 this month.

Negatively, if the market bears overpower the bulls, the Avalanche token will lose momentum and fall to test its support level of $40 by the week ahead. Moreover, if the bears continue to dominate the market, it will plunge further and test its lower support level of $35 in the coming time.