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The price of Avalanche (AVAX) continued to rise this week, reaching the highest level of the year at $42.90. AVAX is moving towards the $50 mark, a level not seen since May 2022.
Avalanche (AVAX) Price Chart Analysis
According to technical analysis considering the weekly timeframe, the AVAX price has been on the rise since October, as reflected in the charts. Additionally, over the last nine weeks, eight bullish weekly candlesticks have been formed, showing an incredible price movement. This week, the upward movement reached the highest level of the year at $42.90.
In addition to the increase, AVAX has broken out of a long-term descending resistance trend line that has been in place for 750 days. Following this breakout, the growth rate increased even further, resulting in the emergence of a 70% bullish candlestick.
RSI is an important indicator often used to assess whether a market is overbought or oversold and even to evaluate whether an asset is being accumulated or sold off.
Charts showing the RSI above 50 indicate an upward trend and reflect that the bulls still have the advantage. Conversely, charts below 50 show the opposite. The AVAX indicator highlights excessive buying, and for now, no downward trend is observed.
Analyst Comments on AVAX
Cryptocurrency analysts, investors, and commentators at X continue to support a bullish future price trend for AVAX.
AlienOPS mentioned that investors might sell at $55 following the first rise. Analyst JJCycles set a similar target, pinpointing a price of $53. Solstice, on the other hand, gave a price target of $50 for AVAX.
The Elliott Wave theory involves the analysis of recurring long-term price patterns and investor psychology to determine the direction of a trend.
The daily timeframe count suggests that AVAX is experiencing the fifth and final wave of a five-wave rise that began in October. As the fifth wave is 0.618 times the total length of the first and third waves, AVAX’s price could be on a peak journey.
However, looking at the daily RSI, there is no sign of a downturn. On the contrary, it appears to have broken out of the trend line formed by the previous downward trend. Therefore, a price movement above the $44 level in AVAX could subsequently increase the price by 50% and reach the next resistance level of $59.
