The Avalanche (AVAX) price reaches new yearly high
The price of Avalanche (AVAX) has continued to rise this week, reaching a new yearly high of $42.90. It is now approaching the $50 level, which hasn’t been reached since May 2022.
Avalanche breaks out from long-term resistance
Technical analysis of the AVAX price on the weekly time frame shows a consistent increase since October, with eight bullish weekly candlesticks in nine weeks. This week, the price broke out from a long-term descending resistance trend line that had been in place for 750 days. This breakout accelerated the rate of growth and resulted in a bullish candlestick with a 70% magnitude.
RSI indicates bullish momentum
The Relative Strength Index (RSI), a momentum indicator used by traders, suggests that bulls still have an advantage in the AVAX market. Readings above 50 and an upward trend indicate bullishness, while readings below 50 suggest bearishness. Although the RSI is currently overbought, there is no bearish divergence present.
Analysts are optimistic about AVAX’s future
Cryptocurrency traders and analysts are bullish on the future price trend of AVAX. Analysts such as AlienOPS, JJCycles, and Solstice have predicted targets ranging from $50 to $55 for AVAX. Additionally, Rune noted that the AVAX blockchain is as large as Solana (SOL).
AVAX price prediction: Approaching a potential top
According to Elliott Wave theory, AVAX may be in the fifth and final wave of a five-wave increase that began in October. The length of wave five suggests that AVAX may be approaching a top. However, the daily RSI has not shown any bearish divergence and has broken out from its previous trend line. If the price breaks above $44, it could increase by 50% and reach the next resistance at $59, which would be a new yearly high.
Hot Take: AVAX price surges to new yearly high
The price of Avalanche (AVAX) has reached a new yearly high of $42.90 and is now approaching the $50 level. Technical analysis suggests that AVAX has broken out from long-term resistance, indicating further growth potential. Analysts are optimistic about AVAX’s future, with price targets ranging from $50 to $55. However, Elliott Wave theory suggests that AVAX may be approaching a potential top, although the daily RSI does not show any bearish divergence. If the price breaks above $44, it could reach $59 and set a new yearly high.
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