The Avalanche (AVAX) price surges to a new yearly high
The price of AVAX has more than doubled in December, reaching a new yearly high today. It is approaching the $50 level, which hasn’t been seen since May 2022. The rapid increase began in October when the price was at a low of $8.65. In just 63 days, it has increased by 425% and reached $46.40 today. The breakout from a descending resistance trend line further accelerated the rate of increase. AVAX has created eight bullish weekly candlesticks in nine weeks since October.
Analysts are bullish on AVAX’s future
Cryptocurrency traders and analysts have a positive outlook on AVAX’s future trend. Bluntz Capital predicts that the AVAX price will complete its fifth and final wave near $55. Flash also has an optimistic outlook with a target of $65, citing a breakout from a long-term pattern and movement above a horizontal resistance area.
AVAX price prediction: Can it reach $50 next?
Technical analysis of the daily time frame suggests a bullish outlook for AVAX. The Elliott Wave theory indicates that AVAX is in its fifth and final wave of an upward movement that began in September. If the price continues to increase, the next target could be $59, representing another 28% increase. The daily RSI supports this possibility, as it broke out from its bearish divergence trend line and is increasing. However, a daily close below $44 could signal a top and lead to a potential 50% drop to the closest support at $22.
Hot Take: AVAX’s bullish momentum continues
The price of Avalanche (AVAX) has experienced significant growth in December, reaching a new yearly high. With a strong bullish trend and positive analyst predictions, AVAX could potentially reach $50 and beyond in the near future. However, it’s important to monitor the market closely and be aware of potential price corrections. As AVAX continues its upward trajectory, investors and traders should stay informed and make strategic decisions based on technical analysis and market trends.
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