Avalanche (AVAX) Price Aims for $50 as Network Activity Increases
Following the release of US CPI data, the crypto market is experiencing bullish momentum, particularly for altcoins. Avalanche (AVAX) has seen a price increase of 9.73% in the last 24 hours, reaching a capitalization of $16.36 billion and positioning it as the 11th largest cryptocurrency.
Avalanche Price Analysis
- AVAX shows a declining trend influenced by a resistance trend line.
- Support is noted near $33.55, forming a descending triangle pattern.
- The price has surpassed the 23.60% Fibonacci level at $38.82 and the 200 SMA line.
- A positive crossover between the 20 and 50 SMA lines indicates potential uptrend continuation.
- The RSI approaches overbought conditions, suggesting increasing bullish momentum.
Price Targets
- Resistance at the $40 psychological mark and the 200 SMA line could hinder further momentum.
- A breakout may target the 50% Fibonacci level at $44.71 and the 78.60% level at $51.09.
Network Activity
- Recent activity indicates a surge in new and active addresses on Avalanche.
- The global in-and-out-of-the-money indicator shows AVAX nearing the $40 mark.
- Immediate supply zone ranges from $39.96 to $40.48 with 2.05 million AVAX tokens.
- Current support zone holds 22.28 million AVAX tokens between $36.25 and $39.96.
- The next supply zone, between $40 and $52, contains 35.63 million AVAX tokens.
Outlook
With increasing network activity and bullish trends, Avalanche is positioned for a potential breakout past $40. Traders should monitor resistance levels and the $40 barrier for signs of continued growth.