- 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.
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.
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.
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
