Avalanche (AVAX) has had a relatively quiet second half of 2023 in terms of price performance and ecosystem improvements. However, the token staged a mesmerized reversal in late October, sending its value up almost vertically in recent weeks.
Avalanche’s positive run coincides with an optimistic environment in the overall crypto market, as investors appear to be more interested in various digital assets. While Bitcoin, the leading cryptocurrency, continues to hold its ground above the $37,000 mark, most altcoins appear poised to benefit from the changing market sentiment.
Avalanche shows strength with a 31% rally – price overview
Avalanche price reached a yearly low of $8.78 in late September, setting the bottom for a trend reversal. The cryptocurrency’s price has been on a bullish run since then as it attempts to regain the early 2023 highs.
At the time of writing, the AVAX token is valued at $18.58, reflecting a massive 31% price increase in the last 24 hours. Meanwhile, the altcoin’s price has risen more than 48% in the weekly time frame.
A broader look at the Avalanche price chart further highlights the strength and attractiveness of the token in recent weeks. According to CoinGecko dataAVAX’s value has more than doubled in the past month.
Avalanche’s positive price action – in such a short time frame – further highlights the favorable sentiment currently brewing in the overall crypto market. Investors have also seen other altcoins, such as Solana, Ethereum and Chainlink, on an upward trajectory in recent weeks.
Based on data from CoinMarketCapAVAX has witnessed an increase of over 85% in its daily trading volume. Meanwhile, the token’s current market cap reflects around $6.68 billion a jump of 31% in the past day.
Can AVAX maintain bullish momentum to $22?
Many investors would be watching to see how far the Avalanche token can keep up with its red-hot momentum. And this makes sense, considering that the cryptocurrency was one of the best performers in the last bull market, peaking at $145.
In the short term, price action data suggests that AVAX could break above the psychological $20 level without much resistance. Nevertheless, investors should beware of the $22 threshold as it has proven to be a significant resistance zone in the past.
If Avalanche manages to break the $22 price barrier and close, the token’s price could experience a parabolic rise towards $60. On the other hand, if the resistance level remains strong, AVAX price could fall to find support around $15.
Avalanche price continues upward trajectory on the daily timeframe | Source: AVAXUSDT chart on the TradingView
Featured image from IQ.wiki, chart from TradingView
