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Will AVAX Price Hit $70 After Bullish Breakout?

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By on November 27, 2024 Altcoin, Bitcoin, Regulations, Trading, Web3
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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. 

Tradingview

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

1. What factors are contributing to AVAX’s recent bullish momentum?

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.

2. Which price levels are crucial resistance points for AVAX in its current rally?

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.

3. What conditions could lead to a reversal in AVAX’s bullish trend?

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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