The post Avalanche Breaking Out of a 6-Month Correction: Here’s Where AVAX Price Rally May Reach in Q4 2024 appeared first on Coinpedia Fintech News
Avalanche price has remained volatile in the times when most of the cryptos traded horizontally during the 2021-22 bear market. After a steep fall from $140, the price dropped to a single-digit figure but tested the resistance between $22 and $25 quite often. With the beginning of a minor bull run that elevated the levels beyond $60, the market participants believed the token may form a new aTH. But the correction squashed the bullish possibility, which appears to have revamped with the latest breakout.
Ever since the Fed cut the rates, the crypto bulls have become optimistic about the next price action. In the times when the crypto winters were intensified, the positive rounds are compelling the bearish September to flip into bullish as Bitcoin hits the crucial $64,000 resistance. With this, the AVAX price has also become extremely bullish and as a result, the market participants have become hopeful of rising above the yearly highs.
Will the AVAX price reach $100 before the end of 2024? The AVAX price has just broken the falling wedge and is rising. However, once the bulls fall weak, it may face a retracement and the time frame for the correction to complete appears to be uncertain, which may delay the possibility of the token reaching $100 in 2024.
As seen in the above chart, the AVAX price broke out of the falling wedge and has recorded huge bullish candles, suggesting the token could remain elevated until it reached the pivotal resistance at the 200-day MA at $33.22. The 50-day MA at $23 offered a strong base for over a week, beyond which the current upswing appears to have materialized. Besides, the RSI is about to enter the overbought levels, which could be a bullish indicator if the bulls maintain strength and pour in enough liquidity.
Regardless of the price variations, the volume continues to remain within the average levels, indicating that volatility is yet to increase in the coming days. On the other hand, the breakout from the range usually follows a minor pullback with the bulls facing some exhaustion. However, if the Avalanche price continues to print bullish candles, the price is believed to reclaim $32 before the month-end.
Otherwise, the Avalanche (AVAX) price may reach $30 and face a significant rejection to $25 to $26 levels. After the retracement, the bulls could be primed to elevate the levels back to the range and further push them towards $40. This move may validate a rise above the bearish influence, reviving the hope of reaching $100 in the coming days.