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Avalanche sustains above $40, will AVAX price hit $60 with a 50% reversal?

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Story Highlights

  • Avalanche price retests the $45 key level, with the potential to reach $50.
  • EMA 50/200 daily lines record a golden cross within the daily timeframe, highlighting higher targets.
  • AVAX price has surged over 70% this month.

Despite increased price volatility, the AVAX token maintains a bullish price trend. This indicates that investor interest in this cryptocurrency project has not waned. Additionally, the Altcoin is expected to retest its $50 target price this week.

Will Avalanche's price maintain its uptrend and continue to rise? Or will it experience a strong bearish correction in the coming period? You can uncover the short-term outlook for the Avalanche (AVAX) cryptocurrency token in just a few minutes.

AVAX Price Retests the $50 Key Level!

Avalanche's price has risen 0.96% in the last 24 hours, with a trading volume of $2.213 billion, returning to the $45 key level. Additionally, the stock has risen 27.71% in the past 7 days and 72.38% in the past 30 days.

The Relative Strength Index (RSI) has successfully retested its overbought range on the daily timeframe. Additionally, as its moving average trend line has recorded a similar price trend, the Altcoin is likely to continue its upward momentum this week.

The EMA 50/200 daily moving averages have recorded a golden cross on the Avalanche price chart. This suggests that the Altcoin may continue to appreciate in value in the coming period.

Will AVAX Price Reach $50?

If the market maintains its bullish momentum, Avalanche's price will be poised to test its resistance level of $48.25. Furthermore, if the positive sentiment persists, the Altcoin may head towards its upper resistance level of $57.20.

On the other hand, if the bears regain control, the AVAX token will retest its $40 support level. Additionally, if the bearish sentiment intensifies, it may drop to the lower support level of $31.50.

Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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