Avalanche (AVAX) prices have been rising rapidly in December, reaching a new yearly high of $38 yesterday.
There is no clear horizontal resistance above the current AVAX price. How soon will it increase?
AVAX breaks through 750-day resistance
Technical analysis on the weekly timeframe shows that the AVAX price has been rising rapidly since October. Yesterday, the uptrend reached a new yearly high of $38.
On the way up, AVAX broke above the 750-day descending resistance trendline that has been in place since the all-time high.
What do analysts say?
Cryptocurrency traders and analysts on X are impressed by the continued rise in AVAX price.
JJJCycles noted a breakout of the current levels and found the next significant resistance at $53.
Crypto Ryan tweeted that prices have risen more than 150% since his last call. He noted that a long-term ascending support trendline is located near $55.
Shuarix is also bullish. He suggests:
$AVAX#Avalancheprice could break above resistance if recent volume picks up. It has increased 180% in the past 42 days, like many recovering coins. Now, a small correction to the positive impulse, we may see another push.
AVAX Price Prediction: Can the Price Reach $60?
Technical analysts use the Elliott Wave Principle to determine the direction of a trend by studying recurring long-term price patterns and investor psychology.
Based on the daily time frame, the likely scenario suggests that the price of AVAX is currently in the fifth and final upward phase that began in October.
This positive outlook is supported by the daily RSI rising above 50 and having broken above the bearish divergence trendline (green). These factors indicate a bullish trend.
If the upward momentum continues, the peak target of this move is expected to be $44. This prediction involves the fifth wave being 0.618 times the sum of the lengths of the first and third waves and requires the price of AVAX to rise by 20%.
If the fifth wave extends further, the potential target is $58, which is the same as the combined length of waves 1 and 3. This target is 60% above the current price.
Despite the bullish AVAX price prediction, failure to break above the $44 resistance area would mean that a local top is in. This could result in a 40% drop to the $22 horizontal support area.
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