Will Avalanche (AVAX) start a rally?

Avalanche (AVAX), one of the major altcoins, gained nearly 40 percent in the Bitcoin-driven bull market.

While the US presidential elections carried the Bitcoin (BTC) price to new records, it was noteworthy that major altcoins stayed away from the potential rally. Many major altcoins, especially Ether (ETH), could not approach their all-time highs.

In the crypto market, which has risen under the influence of Trump, all eyes turned to AVAX. AVAX has increased by nearly 40 percent in the last week.

AMBCrypto signaled that the $AVAX price could rise further.

Avalanche (AVAX) price analysis

According to AMBCrypto's technical analysis, AVAX gained momentum by breaking through a strong resistance point at $ 30. According to the analysis, the resistance break in question could lead AVAX to its next price target.

AVAX managed to break through the resistance of the 200 exponential moving average (EMA) on the daily timeframe. AVAX’s market sentiment turned to an uptrend with the breakout of the EMA.

The analysis included the following statements;

“If AVAX can close above $32, it can reach $42.5 in the coming days. This target means a growth of 35 percent.”

The analysis predicted that current market conditions could easily carry AVAX to $42.5.

According to Coinglass, 58.3 percent of AVAX investors have long (bullish) positions. On the other hand, the rate of traders who open transactions that the price will fall is at 41.7 percent.

According to CoinGecko data, AVAX price increased by 0.4 percent in the last 24 hours. $AVAX records an average trading volume of $1.15 billion.

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