Analysts eye a $50 target with increased market engagement and investor interest.
Avalanche (AVAX) price has experienced a notable upswing recently, gaining momentum amid the broader crypto market's bullish trend. The cryptocurrency climbed past a key resistance level as the market reacted positively to recent events, including Donald Trump's election victory and the Federal Reserve's rate cuts. Analysts are now eyeing the potential for Avalanche to reach the $50 mark, with optimism growing across the market as several cryptocurrencies trade higher.
Crypto analyst shared an X post providing insights on Avalanche, predicting a potential surge to $50 within the next two days. The analyst's confidence in AVAX's price rise is based on recent technical patterns indicating an upward trend.
The attached chart shows AVAX trading within a rising channel, suggesting bullish momentum. The price movement in the chart aligns with a consistent upward trajectory, which the analyst believes will soon break the $50 mark.
On Tuesday, the crypto market continued to gain momentum, sparking global discussions as major cryptocurrencies mostly trended upward. Bitcoin reached a fresh all-time high over the past day, with prices hovering above $88,000. Other significant coins, including Ethereum, SOL, and XRP, traded prominently in the green, reflecting a generally optimistic market sentiment.
The latest AVAX price has significantly increased, currently at $37.23, reflecting an 18% gain within 24 hours. The token rise began at $31.26, peaking at $37.38, showcasing strong momentum among investors. Over the past week, the AVAX price has surged by 100%, indicating a bullish trend.
If the bullish trend persists, a breakout beyond $40 might attract more buyers, potentially setting the Avalanche price prediction up for a rally toward $50 by the end of this week. The Relative strength index (RSI) stands at 78, indicating that AVAX is overbought.
According to Coinglass data, AVAX derivatives significantly increase trading activity. The data reveals notable trading volume and open interest increases, indicating heightened market engagement. These metrics suggest that traders are actively positioning themselves, possibly reflecting expectations of future price movements in AVAX.
Avalanche price is on a strong, bullish run, with momentum and technical indicators signaling a potential breakout. Increased trading activity and optimism could drive AVAX closer to $50.