News - Avalanche (AVAX): Price breakout leads to new high for the year
The price of altcoin Avalanche (AVAX) is currently unstoppable and among the top performers this month with a price increase of 135 percent.
Avalanche is also one of the strongest altcoins in a weekly comparison with a 63 percent increase in value, reaching its highest level in 14 months at $23.63.
After competitor Solana, which actually rose to a new 18-month high in the early morning hours, reaching the next relevant price target, Avalanche now appears to be the next Layer1 token to get back on track. Remarkably, these two altcoins closely followed the same upward trajectory during the last altcoin bull market in 2021.
The AVAX price recently benefited from news that major U.S. bank J.P. Morgan has connected its private blockchain Onyx to an Avalanche subnet to link portfolios managed by the market leader with token assets.
To confirm the bullish trend, AVAX's price still needs to confirm the year-to-date highs between $21.27 and $21.96.
The chances of a follow-up move toward the interim price target of $26.03 then increase.
If this zone can also be overcome, the first relevant price target in the $30.00 range comes into view.
If Avalanche bites firmly here and passes this area in the medium term, AVAX's price should gain further momentum and set a price target in the $37.04 zone. This is the 161 Fibonacci extension of the current breakout move. Profit-taking should be taken into account here.
Price analysis based on the value pair AVAX/USDT on Binance
Only if the buying party then manages to break through this zone in a sustained uptrend will further upside potential emerge until the May 2022 breakout point in the $54.17 range. For now, this price level serves as the maximum bullish upside price target for the coming weeks.
If, contrary to prediction, AVAX's price falls back below today's breakout area, Avalanche could take another breather and approach $19.06. The buy side could already take over again here.
On the other hand, if Avalanche falls below this support level at the close, the intermediate correction could extend to the zone around the weekly low between $16.06 and $15.51.
On the other hand, if there is continued weakness in the crypto market over the next few trading weeks, then AVAX's price could fall to $13.83. This would also increase the chances of a retest of this support.
This would also increase the chances of a retest of the maximum bearish price target around $12.17.