With Bitcoin price consolidating, the altcoin market has picked up momentum. Moreover, top altcoins have recorded a significant uptrend in their respective portfolios within a short period. One such token is Avalanche (AVAX) with a jump of 16.308% in just 4 days!
Will AVAX price continue gaining momentum and head toward its multi-month high? Or is the crypto market on the brink of experiencing another price correction this month?
The Avalanche price has dropped ~2% in the past day with a trading volume of $342.32 million, it has added 8.48% over the past week and 17.02% over the past month. Despite recording a drop of 12.45% this year, it has maintained its position among the top 20 cryptocurrencies by valuation.
Notably, it has formed a rising channel pattern and has continued trading within it since August. This highlights a constant rise in the adoption process of this cryptocurrency project. With a market capitalization of $11.73 billion, it has secured the 12th position.
The EMA 50/200-day shows increased bullish sentiment in their price chart. Further, with a potential Golden Cross, the AVAX price hints at a bullish outlook during the upcoming time.
Moreover, the MACD indicator has recorded a constant rise in the green histogram. With a positive reversal, this altcoin may continue gaining value this week.
If the bullish sentiment sustains, the Avalanche token may retest its resistance level of $31.50 in the coming time. Maintaining the price at that level could set the stage for it to head toward its upper resistance level of $40 this month.
On the contrary, if a bearish reversal occurs, the AVAX coin price may plunge toward its important support level of $24.30. Furthermore, if the bearish sentiment intensifies, this could pull the price toward its support trendline of the channel pattern.
Wondering about the long-term price prospects of this altcoin? Read our Avalanche (AVAX) Price Prediction 2024 – 2025
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