Coinspeaker
--
Avalanche (AVAX) Price Targets $50 As On-Chain Data Signals Breakout
Coinspeaker Avalanche (AVAX) Price Targets $50 as On-Chain Data Signals Breakout
As the crypto market reflects a strong bullish leg after the US CPI data release, the altcoins are gaining momentum. One of the few rising altcoins is Avalanche AVAX $39.75 24h volatility: 1.0% Market cap: $16.29 B Vol. 24h: $532.58 M , with a price surge of 9.73% over the past 24 hours.
As the AVAX token price crosses the $40 psychological mark, Avalanche remains the 11th biggest cryptocurrency in the market with a capitalization of $16.36 billion. Over the past week, the crypto has increased by 9.90% and projects a bull run ahead.
Avalanche Price Analysis Reveals Breakout Rally at Horizon
In the 4-hour chart, the AVAX price trend reveals a declining trend under the influence of a resistance trend line. The local supply level keeps the bullish growth under check.
On the flip side, crucial support is present near the $33.55 level. This completes a descending triangle pattern.
Currently, the Avalanche price trend within the triangle pattern marks a positive cycle as it bounces off from the support level. The recovery run has surpassed the 23.60% Fibonacci level at $38.82 and the 200 SMA line.
The bullish recovery has influenced a positive crossover between the 20 and 50 SMA lines. However, with the 4-hour RSI line bouncing off to the overbought boundary, the bullish momentum is on the rise. This hints at an uptrend continuation with the potential to challenge or break past the resistance trendline.
AVAX Price Targets $51.09
Currently, the recovery rally in Avalanche faces opposition from the $40 psychological mark and the 200 SMA line. This acts as a crucial resistance holding the momentum down. Hence, a breakout could unleash the trapped momentum.
Based on the Fibonacci level, the triangle breakout rally will likely challenge the 50% Fibonacci level at $44.71. Beyond this, the next crucial resistance stands at the 78.60% level priced at $51.09.
Network Activity Boost Hints at Impressive Growth
As the Avalanche price trend prepares for a triangle breakout rally, the network activity is supporting the bullish narrative. In a recent X post by IntoTheBlock, a notable uptick in December 2024 has been witnessed.
This highlights a surge in spike in the active and new addresses over the Avalanche.
On-chain Data Suggest Avalanche Price Rally
Along with the network growth, the on-chain analysis reveals a growth trajectory for Avalanche. Based on the global in-and-out-of-the-money indicator, the AVAX price is on the verge of surpassing the $40 psychological mark.
Based on the indicator, the uptrend is close to approaching the immediate supply zone of 2.05 million AVAX tokens, ranging between $39.96 and $40.48. The current at-the-money zone, ranging between $36.25 and $39.96, holds 22.28 million AVAX tokens.
This highlights strong support and increases the chances of an upside journey. The next immediate supply zone, exchanged between $40 and $52, holds 35.63 million AVAX tokens.
Hence, the on-chain indicator reflects the possibility of the Avalanche price reaching the $50 psychological mark if the uptrend continues.
Conclusion
With rising network activity and bullish momentum, Avalanche appears poised for a potential breakout beyond the $40 mark. If the triangle breakout occurs, AVAX could target the $44.71 and $51.09 Fibonacci levels.
However, traders should watch for resistance near the trendline and the $40 psychological barrier for confirmation of sustained growth.
next
Avalanche (AVAX) Price Targets $50 as On-Chain Data Signals Breakout
As the crypto market reflects a strong bullish leg after the US CPI data release, the altcoins are gaining momentum. One of the few rising altcoins is Avalanche AVAX $39.75 24h volatility: 1.0% Market cap: $16.29 B Vol. 24h: $532.58 M , with a price surge of 9.73% over the past 24 hours.
As the AVAX token price crosses the $40 psychological mark, Avalanche remains the 11th biggest cryptocurrency in the market with a capitalization of $16.36 billion. Over the past week, the crypto has increased by 9.90% and projects a bull run ahead.
Avalanche Price Analysis Reveals Breakout Rally at Horizon
In the 4-hour chart, the AVAX price trend reveals a declining trend under the influence of a resistance trend line. The local supply level keeps the bullish growth under check.
On the flip side, crucial support is present near the $33.55 level. This completes a descending triangle pattern.
Currently, the Avalanche price trend within the triangle pattern marks a positive cycle as it bounces off from the support level. The recovery run has surpassed the 23.60% Fibonacci level at $38.82 and the 200 SMA line.
The bullish recovery has influenced a positive crossover between the 20 and 50 SMA lines. However, with the 4-hour RSI line bouncing off to the overbought boundary, the bullish momentum is on the rise. This hints at an uptrend continuation with the potential to challenge or break past the resistance trendline.
AVAX Price Targets $51.09
Currently, the recovery rally in Avalanche faces opposition from the $40 psychological mark and the 200 SMA line. This acts as a crucial resistance holding the momentum down. Hence, a breakout could unleash the trapped momentum.
Based on the Fibonacci level, the triangle breakout rally will likely challenge the 50% Fibonacci level at $44.71. Beyond this, the next crucial resistance stands at the 78.60% level priced at $51.09.
Network Activity Boost Hints at Impressive Growth
As the Avalanche price trend prepares for a triangle breakout rally, the network activity is supporting the bullish narrative. In a recent X post by IntoTheBlock, a notable uptick in December 2024 has been witnessed.
This highlights a surge in spike in the active and new addresses over the Avalanche.
On-chain Data Suggest Avalanche Price Rally
Along with the network growth, the on-chain analysis reveals a growth trajectory for Avalanche. Based on the global in-and-out-of-the-money indicator, the AVAX price is on the verge of surpassing the $40 psychological mark.
Based on the indicator, the uptrend is close to approaching the immediate supply zone of 2.05 million AVAX tokens, ranging between $39.96 and $40.48. The current at-the-money zone, ranging between $36.25 and $39.96, holds 22.28 million AVAX tokens.
This highlights strong support and increases the chances of an upside journey. The next immediate supply zone, exchanged between $40 and $52, holds 35.63 million AVAX tokens.
Hence, the on-chain indicator reflects the possibility of the Avalanche price reaching the $50 psychological mark if the uptrend continues.
Conclusion
With rising network activity and bullish momentum, Avalanche appears poised for a potential breakout beyond the $40 mark. If the triangle breakout occurs, AVAX could target the $44.71 and $51.09 Fibonacci levels.
However, traders should watch for resistance near the trendline and the $40 psychological barrier for confirmation of sustained growth.
next
Avalanche (AVAX) Price Targets $50 as On-Chain Data Signals Breakout
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.