In the dynamic cryptocurrency market, major tokens exhibit continuous price fluctuations as they undergo substantial shifts in their respective values.
Within the last 24 hours, the value of Avalanche coin has surged by more than 10%, bringing it to the brink of achieving a new annual peak.
According to CoingabbarPrice Analysis, AVAX price surged over 10%, breaking the $45 level, and is poised to surpass the $50 resistance.
Supported by the $38.00 level against the US dollar, AVAX is currently trading above $42.00 and the 50 hourly simple moving average.
Recent breakthroughs above key resistance points indicate a strong bullish hold on the rally.
Despite a drop in volume, sustained buying pressure underscores bullish strength in the market.
Anticipating a resumption of the upswing, AVAX price is expected to surpass the 1 FIB level, reaching new highs beyond $50 after a brief consolidation.
To maintain momentum, bulls need to keep the price above the $45.00 support level, paving the way for a test of the upper resistance at $50.
Conversely, if bears take control, AVAX may lose momentum and test the $40 support in the upcoming week.
KEY LEVELS :
RESISTANCE LEVEL : $47.00-$50.00
SUPPORT LEVEL : $43.00-$39.00
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
