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HomeNewsAVAX Soars: Avalanche Price Spikes 10%, Eyes $50 Target

AVAX Soars: Avalanche Price Spikes 10%, Eyes $50 Target

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  • Avalanche (AVAX) experiences a 10% rise, surpassing Dogecoin and ranking ninth, targeting $50.
  • Technical analysis suggests that AVAX could reach $43.85 after overcoming resistance at $39, showing strength in the market.

Avalanche (AVAX) has achieved a 10% rise, overtaking Dogecoin to position itself in ninth place. This rise suggests good bullish behavior for AVAX, which is now headed for a further increase in value.

With Bitcoin leading the market, altcoins, including Avalanche, are experiencing a moment of revival, marked by an overall 2.6% increase in the crypto sector. This phenomenon puts Avalanche in the spotlight, highlighting impressive growth in both its price and transaction volume.

Avalanche recent uptrend positions it above Dogecoin, securing its place among the top ten most valued cryptocurrencies. The technical assessment of the AVAX/USD pair indicates an imminent possibility of a breakout, with investors facing the $39 resistance level.

Avalanche-AVAX-price-rally

Overcoming this barrier could push AVAX towards $43.85, while an eventual negative could lead to an adjustment towards $33.85 support.

Although AVAX’s Average Directional Index (ADX) sits at a relatively low level of 13.49, an advance above 25, along with the preeminence of the positive Directional Movement Indicator over the negative, could set the course toward $40 for AVAX.

Avax Faces Challenges on the Way Up

The Liquidation Heat Map anticipates possible critical liquidations around $37, presenting a risk for those investors with high leverage and reduced margin balances, especially if AVAX breaks above $38.

Avalanche-AVAX-Liquidations

Market volatility is a crucial aspect to consider, as variations in trading volume may indicate upcoming price changes. An increase in volume could push AVAX toward the $50 mark, while a decrease could signal a correction.

Avalanche-AVAX-fundring-Rate

Chain data shows a positive Funding Ratio for Avalanche, suggesting a bullish scenario by indicating that long positions are funding short positions. This data adds to the enthusiasm about AVAX price projection, auguring continued valuation in the market.

At the time of writing this article the price of AVAX is $38.78

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628
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