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

The post Avalanche A Step Closer To $50 As it Jumps 10%! Is AVAX Rally Just Getting Started? appeared first on Coinpedia Fintech News

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.

TradingView: AVAX/USDT

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.