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Cryptocurrency interest is growing as BTC prices frequently reach new highs, now above $72,000. After tough bear markets, trading volumes have also increased significantly from the $10 billion levels. We may now be entering a period of accelerated rallies for altcoins.
AVAX Coin Commentary
At the time of writing, the AVAX price has increased by more than 10%, trading at $48.8. The price has broken through the $44 resistance in the last 24 hours, signaling that it’s its turn to rise. However, the crucial factor will be AVAX’s ability to close above the key $50 resistance level.
More than 300,000 AVAX investors hold approximately 9.16 million AVAX worth over $436 million, with a cost basis between $50-53. This resistance is significant due to this and the short-term profit-taking seen around the critical area.
However, if AVAX bulls can convincingly break through the $50-53 range, the bulls who believe in a major breakout may hold off on selling, allowing the uptrend to continue. We’ve seen this pattern recently in many cryptocurrencies, setting the stage for parabolic rallies.
AVAX Price Prediction
The popular Ethereum competitor is near the $50 mark, with the RSI just below the overbought territory. Considering the double-digit price increase in the last 24 hours, there’s enough room for more short-term investors to join, fearing they might miss out. This could support a rally above $50.
The MACD is indicating an uptrend for the first time in four months. If the $50-53 range is surpassed, we might see the price heading towards targets of $58.85 and $70. Beyond that, peaks of $81 and $98 could come into play.
However, if the resistance test fails, a pullback to $44 and $38 wouldn’t be surprising. The Asian markets will open soon, which could increase market volatility. Bitcoin is above $72,000 at the time of writing.
