Avalanche Price Jumps 57%, AVAX Price Eyes To Go 2X This Month?
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The crypto market has achieved the $3 Trillion mark as the Bitcoin price approaches the $90,000 mark. Following this, top altcoins such as Avalanche have gained a significant uptrend in their valuation over the past few days.
With the cryptocurrency market achieving a new milestone each day, is it too late to consider Avalanche tokens for your portfolio? In this article, we have covered the market sentiments and possible short-term price analysis of Avalanche (AVAX) crypto token.
AVAX Price Breaks Its Important Resistance Level!
With a jump of 6.11% in the past day and a trading volume of over $2 billion, the Avalanche price has reclaimed the $34. Moreover, this altcoin has jumped 46.51% in the past seven days and 16.99% during the past 30 days.
The Moving Average Convergence Divergence (MACD) has a rising green histogram with its averages showing a constant uptrend. This suggests that the altcoin may continue gaining value this week.
Further, the SMA indicator supports the AVAX price chart in the 1D time frame. This highlights an increase in the buying pressure for the Avalanche price in the market.
Will AVAX Price Hit $50 This November?
Suppose, the bullish sentiment sustains, this could push the Avalanche token toward its resistance level of $40. Maintaining the price above that level could set the stage for it to head toward its upper resistance level of $50 during the upcoming time.
On the flip side, if the bears overpowered the bulls, this could result in it retesting its support level of $31.50. Moreover, if the bearish sentiment intensifies, this could pull the price toward its lower support trendline of $24.30 this month.
