Avalanche (AVAX) Price To Hit New 52-week High Amid Breakout Rally?
Despite increased bullish sentiment in the crypto market, the Avalanche price has recorded a constant decline in its value. This highlights the increased bearish influence in the crypto space. Notably, with a double-digit weekly loss, the altcoin has lost its 11th position to Chainlink (LINK).
Will AVAX price continue losing momentum in the coming time and retest its crucial support levels? Let’s explore the possible short-term Avalanche price analysis through this article.
The Avalanche price has dropped 1.89% in 24 hours with a trading volume of $596.71 million. Moreover, it has lost 10.89% in seven days and 6.35% this year. With a market capitalization of $14.528 billion, it has secured the 12th position in the global crypto market.
The Relative Strength Index (RSI) continues recording a consolidated price action below the neutral point. Moreover, its average trendline constantly acts as a resistance to the Avalanche price chart.
On the other hand, the SMA indicator records a strong bearish curve in the daily time frame. This suggests that the AVAX coin price may continue losing value this week.
If the bulls regain momentum, the AVAX price could retest its resistance level of $39.30. Maintaining the price above that level could set the stage for this altcoin to head toward its upper high of $48.45.
On the flip side, if the bears outrun the bulls, the Avalanche price will retest its support level of $31.50. Furthermore, if the bearish sentiment intensifies, this could pull the price of this altcoin toward its low of $24.30 in the coming time.
Considering stacking the AVAX crypto coin, but concerned about its long-term prospects? Read Avalanche Price Prediction!
The AVAX price will require a surge of 182.72% in its current valuation to achieve the $100 target.
Considering the historic market sentiment, the Avalanche price may reach a high of $257 by 2030, making it a good investment for the long-term prospects.
At the time of writing, the value of one AVAX token was $35.37.
If the bullish sentiment sustains, the Avalanche coin price will reach a maximum price of $81 this year.
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