As significant price movements occur in major tokens, this situation leads to continuous price fluctuations in the broader crypto market. Moreover, Avalanche Coin’s price experienced a clear increase of over 10% in the last 24 hours, bringing its price close to the highest level of the year.
Current Status of AVAX
For more than two weeks, the price of Avalanche was trading between $19.07 and $23.97. Then a recovery occurred in the market, and the price moved out of the mentioned range. However, the bulls could not maintain their strength during this period and were rejected at the $27.46 region. Following this, the price rally was short-lived, and the cryptocurrency then continued a horizontal price movement for a while.
After this rejection, the bulls gathered their strength and pushed the price over 35% above $27. Another resistance was successfully overcome, resulting in a further jump of 21.5%. This situation moved the AVAX price to $42.5.
AVAX price continued to experience fluctuations, settling between $35 and $42.5 for a time. Starting in the morning hours, a rise brought the price up by 10%, reaching $46.
Will AVAX Price Hit $50?
Among the technical indicators closely monitored by investors, MACD reflects a rising green histogram, highlighting the ongoing buying pressure in the market. Additionally, according to this indicator, the averages emerging on the chart indicate a continuous increase, suggesting that the price may continue to gain value in the coming days.
If the bulls can successfully keep the price above the $42.50 support level, AVAX price may gain momentum and attempt to test $50 today. If the price remains above this level, Avalanche could sustain above $50 and turn it into a support.
Contrary to this bullish sentiment, if bears gain an upper hand in the market, Avalanche (AVAX) price could lose momentum and may drop to test the $40 support level in the coming week.
Furthermore, if the price falls below this region, bears could continue to dominate the market, and the AVAX price could decline further, potentially retesting the $35 support level in the next period.
