NEW DELHI (CoinChapter.com) — Avalanche (AVAX) is again surging toward $45.00 and $50.00. A close above $45.00 could send the price toward $55.00 or even $62.00.
Avalanche Price Rally Resumes
In the past AVAX price prediction, we discussed why Avalanche might rally over 25% and minimum test the $35.00 level. It did rally and even surpassed the $35.00 resistance zone. A new multi-week high was formed near $49.96 before there was a downside correction.
The price corrected below $45.00, but the bulls were active above the $35.00 zone. A low was formed near $37.55, and the price is now rising. The recent rally in Bitcoin above the $44,000 resistance triggered strong bullish moves in altcoins such as SOL and AVAX.
Avalanche is up over 10% and it is now trading well above the 50-day simple moving average (blue). There was a move above the $40.00 level and the price is now showing signs of upside continuation. On the upside, immediate resistance is near the $43.76 level or the 50% Fib retracement level of the downside correction from the $49.96 swing high to the $37.55 low.
The first major resistance is near the $45.00 zone and the 61.8% Fib retracement level of the downside correction from the $49.96 swing high to the $37.55 low.
A close above the $45.00 zone could send AVAX price toward the $50.00 resistance. In the stated case, the bulls may perhaps aim for an upside break toward the $55.00 level. The next major resistance is near the $62.00 level. Any more gains might open the doors for a move toward the $80.00 resistance.
Fundamentally, AVAX saw a steady subnet growth in 2023, as its subnets now have a combined Market Cap of $1.2 billion and a $2.6 billion FDV.
Dips Supported in AVAX?
If there is a downside correction, AVAX might find support near the $38.00 level. The first major support is now forming near $35.00 zone. There is also a major bullish trend line forming with support near $35.00 on the daily chart.
If the bulls fail to protect a close below the trend line support, the price might decline heavily. In the stated case, it could revisit the 50-day simple moving average (blue) at $32.00. Any more losses could send AVAX toward the $24.00 support.
Overall, AVAX price is gaining pace above the $40.00 level. The current price action is bullish, suggesting a fresh upward move toward the $55.00 level. If not, there could be a downside correction toward $35.00 or even $32.00.
