- Avalanche price has become an outlier, rising 15% as most altcoins pull back.
- AVAX could extend the gains 10% to the $60 milestone as bulls show no signs of stopping.
- The bullish thesis will be invalidated if the price closes below the midrange of $41.17.
Avalanche (AVAX) price has cleared the December 2023 high with a bold extension north to mark a new multi-year high. The decentralized open source proof-of-stake blockchain token has stood out with double-digit gains, while other altcoins continue to dump.
Also Read: Avalanche halts block production amid inscription wave launch
Avalanche price eyes $60
Avalanche price could make a 10% climb to the $60 target, a level last tested on May 5, 2022. The token cleared the December 2023 peak of $49.96 on Tuesday to record an intraday high of $56.57.
Based on the outlook of the Relative Strength Index (RSI), AVAX is already massively overbought. However, with the RSI still ascending, momentum is still rising; accentuated by the growing heights of the volume indicator, which suggests the prevailing trend is growing stronger.
The Awesome Oscillator (AO) shows a strong presence of the bulls in the AVAX market, represented by the green histogram bars that continue to hold in positive territory.
In a highly bullish case, where the $60 threshold fails to hold as resistance, Avalanche price could shatter past it to tag the $70 milestone.
AVAX/USDT 1-day chart
On the flip side, if traders begin to cash in on the 15% gains made on Tuesday, Avalanche price could retract below the $49.96 support. For the bullish thesis to be invalidated, however, the AVAX price must slip below the 50% Fibonacci retracement level of $41.17 and close below it on the daily time frame.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin, Ethereum and XRP defend key support on sixth day of Israel-Iran war, what to expect
Bitcoin (BTC), Ethereum (ETH), and XRP are holding steady above key support levels. The top three cryptocurrencies have weathered the geopolitical tension and macroeconomic events of the past week.
Top Meme Coins Price Prediction: Dogecoin, Shiba Inu, Pepe set to extend losses
Top meme coins extend recent losses on Wednesday, with the segment’s market capitalization standing at $54.41 billion, a decline of over 20% in the past month. Dogecoin (DOGE) and Shiba Inu (SHIB) are down 3% so far this week.
Crypto Today: Bitcoin, Ethereum, XRP weather geopolitical tensions, risk-off sentiment ahead of Fed rate decision
The cryptocurrency market is broadly consolidating amid ongoing geopolitical tensions in the Middle East. Bitcoin (BTC) mirrors the lethargic sentiment, trading at around $104,572 at the time of writing on Wednesday.
Stellar and ApeCoin Price Prediction: XLM and APE at risk of further losses as technical weakness grows
Stellar price closes below its critical support at $0.2537, hinting at a correction ahead. ApeCoin touches the lower boundary of an ascending triangle formation, a breakdown would signal a downtrend.
Bitcoin: BTC could slump to $100K amid Trump-Musk tussle
Bitcoin (BTC) tumbled to a low of $101,095 on Friday amid volatility in the market. The effect of the tussle between United States (US) President Donald Trump and Tesla Chief Elon Musk negatively influenced the NASDAQ and Tesla's stock price on Thursday, although both are recovering on Friday.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.