As the price trend of AVAX breaks out from the bottom, bullish momentum strengthens, and bulls are starting to act again. As the breakthrough of $40 approaches the psychological barrier of over $50, buyers are expected to set a new 52-week high.
Will the recovery of Avalanche lead to a new high of $70? Learn more in our AVAX price analysis.
AVAX breaks through the eye of the run at $50
In the daily chart, the price trend of AVAX shows a reversal with strong momentum. Currently, the price trend of AVAX exhibits bullish momentum breaking through the $40 mark.
The ongoing recovery trend has broken through the long-term neckline and is currently showing a reversal after a retest. In the past three weeks, altcoins have risen by nearly 90%.
With the emergence of multiple low-price rejection candles, the momentum of AVAX's post-retest reversal is strong, rising nearly 5% in the past 24 hours. Currently, Avalanche tokens are trading at $43.07, up 0.89% during the day, marking the second consecutive bullish candle.
As the reversal after retesting gradually gains momentum, the AVAX price analysis shows a high probability of a sustained bullish trend.
Technical Analysis
EMA: The 50-day EMA shows divergence after a recent golden cross. Meanwhile, the 100-day and 200-day EMA show bullish crosses, increasing the chances of upward movement.
MACD: The MACD and signal line indicate a healthy bullish trend as they remain positively aligned. Additionally, a moderate bullish histogram continues to support the bull market.
Will the price of AVAX exceed $70?
According to price trend analysis, AVAX's upward target prices are $51.8 and $60.75. Additionally, the upward opportunity to set a new 52-week high in the rounded bottom breakout significantly increases.
Therefore, the market may see the token price break through $65.38, reaching a peak of $70.09 by the end of December. On the other hand, key support levels remain at $36 and $32.