It was a good final quarter for investors, and there are only days left until the annual close. Bitcoin is struggling to maintain $44,000. Last year at the same time, many FUD agendas occupied the scene and there were discussions about when the effects of the FTX collapse would end. However, today BTC is finding buyers at a price well above the $15,500 bottom. What about AVAX Coin?
Avalanche (AVAX)
After the major FTX collapse, Solana rose from $8.5 to the brink of $90. We were discussing that the price for SOL Coin could continue to rally up to $96 while it was still around $30. It rose impressively and quickly. AVAX Coin price is also making a delayed comeback. At the time of writing, the price is at $44.9.
AVAX price was at a very low $8.65 in October. This level was almost equal to the last bear market bottom of SOL Coin. AVAX Coin made an impressive return, rising 425 percent in 63 days. Moreover, it achieved this despite massive unlocking events worth $200 million.
As the rally continued, the price also surpassed the 750-day resistance line, thus increasing its momentum. Months ago, it was said that such long-term breakouts in most altcoins could now be approaching, and now we are seeing the results after the breakouts.
Similar to Bitcoin, Avalanche (AVAX) has been forming a rising candle for 9 weeks and the ongoing RSI rise suggests the rally could continue.
AVAX Coin Price Target
A crypto analyst named Bluntz Capital stated that the popular altcoin will complete its fifth and final wave at $55. The analyst, known by the nickname Flash, has a higher target in mind and believes the price will reach $65. The optimism is backed by breakouts from long-term structures and closures above the horizontal resistance area.
The daily chart also shows a clear expectation of a rise. According to the Elliott wave theory, the price is in the fifth and final wave. The extended peak surpassing the peaks of the first two waves points to a potential peak of $59. However, closures below $44 could undermine optimism.
In a bearish scenario, sharp declines could be seen with closures below $44, and the target would be the $22 support.
