AVAX Price Surges Over 30%: Bulls Eyeing Continued Rally?

• AVAX price recently surged over 30%, aiming for a breakout.
• Indicators show bullish momentum, with potential for AVAX to reach $50 soon.

Avalanche (AVAX) price underwent a correction and sharply turned bullish this week. The last seven sessions noted a follow-on buying momentum backed by a substantial volume surge of over 182%.

After five months of correction, the AVAX token has climbed above the significant moving averages. It was set to skyrocket beyond the $30 mark.

A falling wedge breakout was established on the daily charts. That suggested a rally may continue in the following sessions.

AVAX Price Rallies 30%: Momentum Builds for Even Higher Prices

The recent AVAX price resurgence from the lower levels fueled a bullish spark among the market participants. The token has sustained its upward momentum. It encountered significant resistance around the $30 mark.

A breakthrough past the $30 mark could propel the AVAX crypto toward the 61.8% Fib resistance at $42.

Crypto Analyst Fabiovirbia made a tweet about AVAX crypto. He mentioned that the token’s recent price action was similar to what was witnessed before the altcoin’s 2021 rally. There, it surged roughly 4800% from $3 to its all-time high of $147.

This time, the AVAX token has been in an extended accumulation phase since July 2023. It is now nearing the end of its corrective phase.

The AVAX price traded at $29.10 at press time. The token noted an intraday rise of over 6.07%. Its market cap rose to $11.93 Billion and ranked 12th among the top crypto coins.

Avalanche Price Prediction: Breakout Imminent?

Avalanche price prediction implied a bullish outlook. That happened as it stayed above the key EMAs and set for a breakout rally.

Also, Avalanche is set to launch its largest network upgrade, the Avalanche 9000. It aims to make launching Layer 1 blockchains more economically feasible. On the other hand, it also would improve the scalability of the network.

The prevailing indicators lean toward bullish sentiment. The Relative Strength Index (RSI) curve rose to 63. That implied a bullish outlook. Moreover, the Chaikin Money Flow (CMF) reading of 0.11 revealed a market liquidity surge.

Furthermore, the Moving Average Convergence Indicator (MACD) lines were bullish. An upward tick in the MACD histogram accompanied that. This represented the bullish stance. Avalanche crypto has a Total Value Locked (TVL) of $1.117 Billion. Also, it has a total supply of 447.28 Million.

This week’s AVAX price surge of over 30% indicated a potential bullish reversal. It suggested that the corrective phase has come to an end. A successful breakthrough above the $30 mark could send the AVAX token toward the $40. The $50 mark would follow this in the coming sessions.

Futures Market Data Outlook

The OI-weighted funding rate reveals a bullish outlook. That remained positive at around 0.0089%. It represented significant demand for long contracts and implies a positive outlook.

Furthermore, the Open Interest (OI) has risen over 3.20% to $306.39 Million. This represented prolonged buildup activity over the past 24 hours. The immediate support zones for the AVAX token were $25 and $22. At the same time, the upside hurdles were $32 and $40.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Krystian Bielanski