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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Nov 27, 2024 11:03 UTC
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Will AVAX Price Hit $70 After Bullish Breakout?
AVAX shows a 90% surge in three weeks, breaking the neckline of a rounding bottom pattern.
Technical indicators like EMA golden crossover and MACD alignment support continued bullish momentum.
Upside targets at $51.8 and $70 suggest a potential 52-week high by year-end.
With a rounding bottom breakout rally in the AVAX price trend gaining momentum, the bulls are back at play. As the $40 breakout is inching closer to surpassing the $50 psychological mark, buyers anticipate a new 52-week high.
Will the recovery run in Avalanche result in a new peak at $70? Find out more in our AVAX price analysis.
AVAX Breakout Run Eyes $50
In the daily chart, the AVAX price trend shows a rounding reversal, gaining momentum. Currently, the AVAX price trend showcases a bullish breakout of the $40 mark, gaining momentum.
The ongoing recovery trend has breached the long-standing neckline and is now giving a post-retest reversal. Over the past three weeks, the altcoin has increased by nearly 90%.
With multiple low-price rejection candles, the post-retest reversal in AVAX is gaining momentum with a nearly 5% surge in the past 24 hours. Currently, the Avalance token is trading at $43.07 with an intraday gain of 0.89%, marking the second consecutive bullish candle.
With the post-retest reversal gradually gaining momentum, the AVAX price analysis showcases a high possibility of a bullish continuation.
Technical Analysis
EMA: The 50-day EMA diverges after the recent golden crossover. Meanwhile, the 100-day and 200-day EMA are giving a bullish crossover, increasing the upside chances.
MACD: The MACD and signal line reveal a healthy bullish trend at play as they maintain a positive alignment. Furthermore, the mildly intense bullish histograms keep the bull run at play.
Will AVAX Price Top $70?
Based on the price action analysis, the upside price targets for AVAX are at $51.8 and $60.75. Furthermore, amid the rounding-bottom breakout, the upside chances for a new 52-week high have significantly increased.
Hence, the market could witness the token price surpassing $65.38 to reach the $70.09 peak by the end of December. On the flip side, the crucial support remains at $36 and $32.
Curious to know if AVAX will reach $200. Find out more in Coinpedia’s latest AVAX Price Prediction.
FAQs
AVAX’s bullish momentum is driven by a rounding bottom breakout pattern, a strong post-retest recovery, positive signals from technical indicators such as EMA golden crossovers, and an upward-trending MACD.
The critical resistance levels for AVAX are $51.8 and $60.75, with a potential upside target of $70.09 if the bullish trend sustains.
A reversal in AVAX’s trend could occur if the price falls below the significant support levels of $36 and $32, signaling weakening bullish momentum and a potential bearish shift.
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