Avalanche (AVAX) has attracted attention by breaking through a critical resistance level and recording a gain of over 20% in the last 24 hours. This rapid rise has revived expectations of a new bull rally among analysts and investors. At the moment, all eyes are on whether AVAX will test $50 in the coming days. If it breaks this level, a new bull run could begin in AVAX.
$50 Level Will Be Critical
Crypto analyst Kaleo stated that if AVAX breaks $50, a significant rise could begin. Kaleo stated that this level is important both psychologically and technically and that a volume breakout is a must. If this breakout occurs, the AVAX price could test the $50 level.
Avalanche’s recent price action seems to signal the start of a bull cycle in the crypto market. If AVAX can hold at current levels, it could potentially continue its uptrend. However, it should be noted that selling pressure at $50 should also be taken into consideration.
Avalanche is performing strongly, similar to the pattern it followed during the last bull cycle, and is currently only 15% away from $50. Breaking this level could trigger an aggressive rally.
AVAX/BTC Pair is Expected to Rise
Kaleo noted that he also observed a similar bullish trend in the AVAX/BTC pair. The analyst predicts that AVAX could quickly climb towards $100 if the momentum continues. This could cause AVAX to attract more attention in the crypto market.
