The post Will AVAX Price Hit $70 After Bullish Breakout? appeared first on Coinpedia Fintech News
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.