Crypto The cryptocurrency market continues to experience constant price fluctuation as assets record significant price movements in their values. Additionally, the Avalanche coin price has jumped over 9% in value in the last 24 hours. This has left the price on the verge of recording a new yearly high.
Avalanche Its price traded in a closed range between $19.07 and $23.97 for more than two weeks. Then 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. In addition, the altcoin traded sideways for a while.
Koinfinans.com As the bulls gained momentum, the price surged over 27% before being rejected at $35, as we reported. After many attempts, the bulls successfully broke through the resistance level and recorded a 21.5% jump. Following this, the AVAX token was rejected at $42.5.
Avalanche token recorded constant fluctuation in its price, bouncing between $35 and $42.5 for a while. The bulls attempted a breakout, but the price was rejected at $45, resulting in a pullback by the bears.
After trading in this range for a while, the bulls are on the verge of retesting the $45 resistance levels, the outcome of which is uncertain.
Will AVAX Price Reach $50 Soon?
The technical indicator MACD displays a rising green histogram, indicating major ongoing buying pressure in the market. Additionally, the averages show a steady rise on the chart, highlighting that the price will continue to gain value in the coming days.
If the bulls sustain the price above the $42.50 support level, AVAX price will gain momentum and prepare to test the upper $45 resistance level today. Holding the price at this level will pave the way for Avalanche to test the upper $50 resistance level this month.
On the negative side, if the bears in the market gain the upper hand over the bulls, altcoin It will lose momentum and drop to test the $40 support level next week. Moreover, if the bears continue to dominate the market, it will decline further and test the lower support level of $35 in the coming period.