Avalanche Price Prediction: AVAX rally could reach $60

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.