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Home»Altcoins»Avalanche rises 20% in 24 hours – analyst reveals next price target
Altcoins

Avalanche rises 20% in 24 hours – analyst reveals next price target

2024-11-23No Comments4 Mins Read
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This article is available in Spanish.

Avalanche (AVAX) has made a major move, breaking above a crucial resistance level and rising more than 20% in less than 24 hours. This rise has reignited bullish sentiment among analysts and investors, who are now keeping a close eye on AVAX’s potential to hit the key $50 mark in the coming days. The outbreak signals a shift in market dynamics, with rising demand and growing optimism fueling price action.

Related reading

Prominent analyst and crypto investor Kaleo shared a detailed technical analysis on X, suggesting that once AVAX crosses the $50 level, it could trigger a massive rally. He emphasized the importance of this psychological and technical level as a gateway to exponential price growth, potentially attracting more momentum-driven buyers.

Avalanche’s recent performance reflects the broader strength of the crypto market, as major altcoins experience renewed interest amid a bullish cycle. With market conditions now aligned, AVAX could continue its upward trajectory if it remains above its current levels. However, traders are also cautious and aware of possible profit-taking or resistance around the $50 threshold.

Avalanche prepares for a meeting

Avalanche is on the cusp of a huge rally and is closely following a pattern reminiscent of the last bullish cycle. The price has risen above key supply levels with impressive strength and is now less than 15% away from the critical $50 mark. This level has caught the attention of traders and analysts alike as a breakout above it could signal the start of an aggressive bullish phase.

Kaleo recently shared a technical analysis on Xhighlighting the importance of the $50 level. According to Kaleo, breaking this psychological and technical barrier could trigger a powerful rally, potentially doubling AVAX’s value in a short time.

See also  Bitcoin ETFs Could Surpass Satoshi's Positions 'In Less Than Two Weeks' - Analyst
Avalanche pushes above crucial supply
Avalanche rises above crucial supply | Source: Kaleo on X

He also highlighted the AVAXBTC chartwhich shows a similar breakout pattern, confirming the bullish sentiment around Avalanche. Kaleo predicts that AVAX could quickly reach $100 if momentum continues.

AVAXBTC chart shows a breakout from resistance
AVAXBTC chart shows a breakout from resistance | Source: Kaleo on X

Despite the optimism, the potential for a market-wide correction brings some caution. With Bitcoin showing signs of possible retracement to consolidate and gather momentum, AVAX may experience temporary pullbacks.

Related reading

However, such corrections can provide buying opportunities for those seeking long-term gains. As Avalanche approaches this crucial stage, investors are eager to see if it can break above the $50 level and deliver the explosive rally that analysts have predicted.

AVAX Testing fresh supply levels

Avalanche is trading at $43.6, marking the highest price level since April, after a strong break above the key resistance around $35. This impressive price action has revived optimism among investors and analysts, with AVAX demonstrating resilience as it moves toward new supply levels.

AVAX is trading at its highest price level since April 2024
AVAX is trading at its highest price level since April 2024 | Source: AVAXUSDT chart on TradingView

Currently, AVAX seems poised to break the critical $50 barrier, a psychological and technical level that could determine the next phase of its rally. However, there is a possibility that the token could consolidate below this level in the coming days. Consolidation would allow the market to absorb recent gains and build momentum for a stronger rise.

On the other hand, if AVAX struggles to recover $50, it could trigger a return to lower demand zones, providing the necessary support to take the next step higher. Such a pullback would not be a bearish trend, but rather a healthy correction that could strengthen AVAX’s trajectory toward sustainable growth.

Related reading

As Avalanche continues to rise, investors are closely monitoring price action and volume to gauge the likelihood of further upside. The $50 mark remains a crucial level to watch as a successful breakout could pave the way for new highs and strengthen AVAX’s bullish momentum.

See also  Ready to rock? Dogecoin chart hints at big gains ahead

Featured image of Dall-E, chart from TradingView

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Analyst Avalanche Hours Price reveals Rises Target
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