Can Avalanche (AVAX) Surpass the $50 Mark?
- Avalanche (AVAX) shows gains amid crypto market pullback post-Feds rate decision.
- AVAX is now priced at $36.38, marking a 6.37% increase in the last 24 hours.
Following the Federal Reserves recent interest rate decision, which was unchanged, the cryptocurrency market witnessed a pullback. Avalanche (AVAX) emerged as a standout player, displaying resilience amidst the decline observed across major cryptocurrencies. Over the past 24 hours, AVAX experienced a 6.37% increase in market value, coupled with a 61.69% rally in trading volume, according to data from CoinMarketCap.
Avalanche (AVAX) Signals Potential Price Surge
As fear of missing out (FOMO) drove an increase in short positions among investors, AVAX remained bullish, signaling a potential major price upswing driven by heightened interest in the project.
In mid-2022, Avalanche saw a correction, plummeting from $60 to $11, marking a significant 81% decline. Since then, AVAX has traded in the range of $15 to $8. Despite this setback, bullish momentum persisted in Q4 of 2023, propelling the price back to the $48 range.
Analyzing recent price movements, Avalanche is exhibiting bullish signs, with notable performance increases of 73.53% in the year to date. Further, the current price structure of AVAX signals a recovery, evident as the price rebounds accompanied by a decrease in selling pressure.
If the trend continues, the crypto price could surge further, targeting $40 and $45 initially, with subsequent targets set at $60. At the same time, potential declines could see prices retracing to the $32 range, with further support below the $30 level.
At the time of writing, Avalanche traded at $36.38 with a daily trading volume of over $745 million and a market cap of $13.2 billion.
Read more: https://thenewscrypto.com/can-avalanche-avax-surpass-the-50-mark/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
