Avalanche CFN

  • AVAX could surge by 324% toward $126.03 if it maintains momentum above key support levels and breaks the $30.95 resistance.

  • A second golden cross between MA50 and MA200 signals bullish potential for AVAX, with support at $22.34 and resistance at $30.95.

  • AVAX has bounced from its $10.50 support, showing strength with potential to break $30.95 resistance and push toward $39.57.

JavonTM1, a crypto analyst, shared insights on Avalanche (AVAX) with potential for substantial growth. According to his analysis, the target of $126.03 remains unchanged as AVAX's price shows signs of strength. The price has maintained its breakout from a previous resistance, and JavonTM1 believes that an impressive 324% rally toward the target could still occur.

https://twitter.com/JavonTM1/status/1845099648395984947

AVAX's Historical Performance and Current Support

Avalanche (AVAX) experienced a steep decline from October 2021 to June 2022, dropping from a high of around $145 to a low near $10.50. By early 2023, the price began to recover, forming a higher low at $10.50, which is often viewed as an indicator of potential upward momentum. Following this low, AVAX saw a bounce, gaining more than 100%, reaching a local high of approximately $22 in mid-2023.

Despite a subsequent consolidation phase, AVAX's price is holding around $10.19, with the key support level established at $10.50. If this support holds, AVAX may continue its recovery, offering a potential upside if the price manages to break through its next resistance at $22.

Notable Moving Average Crossovers and Key Resistance Levels

The MA50 and MA200 also compliment the analyst’s bullish outlook. A "golden cross" occurred in late May 2024, when the MA50 crossed above the MA200, hinting at a possible bullish trend. However, a "death cross" followed in mid-July, where the short-term moving average dipped below the long-term moving average, leading to a drop from $39.57 to $22.34.

AVAX Price Surge Imminent? Analyst Suggests Key Resistance Break Could Propel Avalanche to $126.03Source: Santiment

At press time, AVAX was trading at $29.15. A second golden cross between the MA50 and MA200 has emerged, indicating a possible shift in momentum. The chart reveals $22.34 as a key support level, while $30.95 serves as resistance. Breaking above this resistance could lead to further gains.

Possible Future Trends for Avalanche

Looking ahead, the market awaits a new push. If AVAX maintains momentum above the $22.34 support level, it could test and break the $30.95 resistance. A potential upward move could push the price toward $39.57, aligning with historical trends. 

On the downside, if support fails at $22.34, the next level to watch is $18.03. The market is at a critical point, with the recent golden cross suggesting that a recovery is possible.

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