AVAX Price Outlook: Breaking through the $100 Mark
As the total value of the cryptocurrency market approaches $3 trillion, altcoins are beginning to show strong upward momentum, indicating that prices will usher in a significant increase. AVAX, as one of the most watched potential hot coins, is in the process of preparing to reverse its trend.
AVAX prepares for trend reversal
As one of the top DeFi platforms, the native token of Avalanche (AVAX) has attracted the attention of investors, and its price is expected to hit the important mark of $100 in 2024. Forecasts show that the AVAX price is preparing for an important breakthrough.
Preparation for a breakout above $100
AVAX price action shows strong uptrend potential, especially with signs of a rounding bottom reversal on the weekly chart, with the neckline at $50 providing an entry point for investors. AVAX price has gained 43% in the past seven weeks, and its upward momentum has continued and strengthened.
Technical indicators outlook
The daily RSI line shows a bullish trend and has re-entered the overbought border, which suggests that the momentum indicator supports further gains in the avalanche price trend.
Can AVAX Price Reach $100?
Avalanche is emerging as one of the best performing altcoins as the momentum in the altcoin market increases. AVAX price is expected to surge above $50 with a breakout run and as per the Fibonacci levels, the uptrend is expected to reach the 78.60% Fibonacci level of $103, hence the possibility of breaking above the $100 mark is increasing.
