Avalanche (AVAX), one of the major altcoins, rallied nearly 40% during the Bitcoin-driven bull market.
While the US presidential election pushed the price of Bitcoin (BTC) to new records, it’s notable that major altcoins stayed away from a potential rally. Many major altcoins, notably Ether (ETH), failed to reach their all-time highs.
In the crypto market, which is booming due to the Trump effect, all eyes are on AVAX. AVAX has gained nearly 40% in the past week.
AMBCrypto indicated that the AVAX price could rise further.
Avalanche (AVAX) Price Analysis
According to AMBCrypto’s technical analysis, AVAX gained momentum by breaking through a strong resistance point at $30. According to the analysis, a break through this resistance could lead AVAX to its next price target.
AVAX managed to break the 200 Exponential Moving Average (EMA) resistance on the daily time frame. AVAX’s market sentiment returned to the uptrend as the EMA broke.
The analysis included the following statements:
“If AVAX can close above $32 daily, it could reach $42.5 in the coming days. “The target in question implies an upside of 35 percent.”
Analysis predicts that current market conditions could comfortably push AVAX to $42.5.
According to Coinglass, 58.3 percent of AVAX investors have long (bullish) positions. On the other hand, 41.7 percent of traders predicting price declines open trades.
According to CoinGecko data, the price of AVAX has increased by 0.4% in the last 24 hours. AVAX records an average trading volume of $1.15 billion.
This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making decisions.
