Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Avalanche (AVAX) Price Achieves Yearly High of $38 – Can It Increase to $50?

Avalanche (AVAX) Price Achieves Yearly High of $38 – Can It Increase to $50?

BeInCryptoBeInCrypto2023/12/11 13:06
By:By Valdrin Tahiri 11 December 2023, 12:36 GMT+0000Updated by Ryan James 11 December 2023, 12:36 GMT

The Avalanche (AVAX) price increased swiftly in December, reaching a new yearly high of $38 yesterday.

There is no definite horizontal resistance above the current AVAX price. How long will it increase?

AVAX Breaks Out From 750-Day Resistance

The weekly time frame technical analysis shows that the AVAX price has increased quickly since October. The upward movement culminated with a new yearly high of $38 yesterday.

AVAX broke out from a 750-day descending resistance trend line during the increase, which had previously been in place since the all-time high.

Avalanche (AVAX) Price Achieves Yearly High of $38 – Can It Increase to $50? image 0 AVAX/USD Weekly Chart. Source: TradingView

With the RSI as a momentum indicator , traders can determine whether a market is overbought or oversold and decide whether to accumulate or sell an asset.

Bulls have an advantage if the RSI reading is above 50 and the trend is upward, but if the reading is below 50, the opposite is true. The RSI is increasing and is above 50. Despite being overbought, there are no signs of a bearish divergence yet.

What Do Analysts Say?

Cryptocurrency traders and analysts on X are impressed with the ongoing AVAX price rally.

JJJCycles noted the breakout from the current horizontal level and drew the next important resistance at $53.

Crypto Ryan tweeted that the price has increased by over 150% since his previous call. He noted a long-term ascending support trend line near $55.

Avalanche (AVAX) Price Achieves Yearly High of $38 – Can It Increase to $50? image 1 AVAX/USDT Weekly Chart. Source: X

Shuarix is also bullish. He suggested that:

$AVAX #Avalanche price is likely to break the resistance line if this kind of recent volume is getting back. In the past 42 days it had a 180% increase, like lots of coins that are recovering. Right now, a small correction of a positive impulse, we might see another push.

AVAX Price Prediction: Can Price Reach $60?

Technical analysts utilize  the Elliott Wave theory  to ascertain the trend’s direction by studying recurring long-term price patterns and investor psychology.

Based on the daily time frame, the probable scenario indicates that AVAX’s price is currently in the fifth and final phase of its upward movement, which was initiated in October.

The daily RSI, which is rising and above 50, supports this optimistic outlook and has broken free from its bearish divergence trend line (green). These factors are indicative of a bullish trend.

Should the upward momentum persist, the anticipated target for the peak of this movement is $44. This projection involves wave five being 0.618 times the combined length of waves one and three, requiring a 20% increase in AVAX’s price.

If wave five extends further, there is a potential target at $58, aligning with the same length as waves one and three combined. This target is 60% above the current price.

Avalanche (AVAX) Price Achieves Yearly High of $38 – Can It Increase to $50? image 2 AVAX/USDT Daily Chart. Source: TradingView

Despite this bullish AVAX price prediction, failure to break out from the $44 resistance area will mean the local top is in. This can lead to a 40% decrease in the $22 horizontal support area.

For BeInCrypto’s latest crypto market analysis,  click here.

Explore more

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Leaked Pokémon TCG Pocket Cards hint at upcoming Wonder Pick and Solo events

Share link:In this post: New Pokémon TCG Pocket cards have been leaked ahead of December’s Wonder Pick and Solo Battle events. The cards revealed during the leak include Bulbasaur and Magnemite. The leaked cards will play a central role in a Venusaur PvE event starting November 29th.

Cryptopolitan2024/11/27 19:33

Animoca Brands invests in Igloo Inc to boost consumer NFT activity

Share link:In this post: Animoca Brands will participate in an undisclosed strategic round for Igloo, Inc. Pudgy Penguins remains a top 3 blue chip NFT collection. Pudgy Penguins spreads as a physical item brand, which will also have its own L2 network, Abstract.

Cryptopolitan2024/11/27 19:33

OKG Research: The reverse on Trump trades, BTC as a hedge against inflation, and BTC ownership

Share link:In this post: OKG Research revealed in a recent report that the markets corrected yesterday, causing worry among investors. The report still outlined the use of BTC and other crypto as a hedge against macroeconomic factors that unsettle markets. OKG Research also revealed the growing adoption of BTC among globally listed companies.

Cryptopolitan2024/11/27 19:33

The Daily: US appeals court rules OFAC exceeded its authority in Tornado Cash sanctions, WalletConnect launches its first airdrop season and more

The Fifth Circuit Court of Appeals ruled on Tuesday that the Treasury Department’s Office of Foreign Assets Control (OFAC) ”overstepped its authority” by sanctioning crypto mixer Tornado Cash, reversing a lower district court decision.WalletConnect has launched its first airdrop season and eligibility checker, allocating 50 million of the total supply of 1 billion WCT tokens to over 160,000 users, including builders and contributors.A Brazilian lawmaker has introduced a bill to create the Strategic Soverei

The Block2024/11/27 19:22