Avalanche (AVAX) Soars 115% in December: Is $50 the Next Stop on Its Meteoric Rise?

• Avalanche (AVAX) has been predicted to trade as high as $82.63 after making a 423 percent surge in the past three months. 

• According to analysts, the asset can go as low as $31 if bears manage to reject the price at the current position. 

Avalanche (AVAX) has staged a 4% surge in the last 24 hours to trade at $46. According to market data, the asset currently has a bullish market sentiment with a score of 70/100 and a market cap of $17,075,619,110. Investors who opened a buying position a week ago have made a return of 18% on investment, while those who purchased the asset three months ago have seen a profit of 425.50%. In December alone, there has been a growth of 115%. 

Currently, AVAX is targeting a critical resistance level at $50. Records show that the last time the asset reached this price height was in May 2022. To appreciate the current run better, it is worth noting that AVAX was trading at just $8.65 in October. On December 11, it recorded a yearly high price at $38 as analysts observed that there was no definite horizontal resistance above that level. 

An analyst identified as JJJCycles observed that the next important target from the $38 yearly high was $53. Crypto Ryan also disclosed that there is a long-term ascending support trendline near $55. Shuarix, who is also a crypto analyst commented:

$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.

More Analysts Speak on Avalanche (AVAX) 

Analysts believe that AVAX has created eight bullish weekly candlesticks in nine weeks. The RSI is also showing a reading of above 50, indicating that bulls still have an advantage. As of December 21, AVAX was hovering around an RSI of 82, just below the overbought value of 90. 

According to reports, the analysts used the Elliott Wave theory to ascertain the direction of the asset using investor psychology and recurring long-term price patterns. AVAX is said to be in the fifth and final wave of its upward movement, and this began in September. 

In November, an analyst called iWantCoinNews stated that there could be a pullback 

Expecting a pullback. Higher timeframe point of interest reached (1w -fvg). Daily timeframe reveals a bearish divergence on the RSI strengthening the idea price reverses.

Some analysts expect AVAX to make $59 as its next target if it continues the upward movement. This implies that there could be another 28% price increase. This price point can be reached before the year ends. 

If the price fails to hold its current position, it may fall to its previous resistance level of $39.17. Below this price point, AVAX may fall to $31, a 19% decline from the previous position.

A price prediction platform has predicted that the minimum price AVAX can trade this year is $55. On average, the asset is expected to trade at $68.86. From here, it can proceed to a maximum of $82.63.