News - Avalanche: Why the AVAX price is currently rising

By Mike Hesp

Avalanche: Why the AVAX price is currently rising

The price of altcoin Avalanche (AVAX) has shown noticeable recovery in recent trading days and has moved far away from its annual low for now.

With almost a five percent increase, the Layer1 ecosystem Avalanche (AVAX) moved to the top performer among the 100 largest cryptocurrencies in the past 24 hours.

After a significant price correction of 94 percent from its all-time high, the AVAX price found a bottom in recent weeks. The recent launch of dApp Stars Arena contributed to a notable increase in price. As a result, Avalanche is up more than 13 percent over the past three trading days.

With the current price of $10.63, the AVAX price is moving further and further away from its annual low of $8.62.

To confirm the bullish trend reversal, the AVAX price must reach a price level between $10.70 and $10.87 in the near term.

Next, the likelihood of a continuation to $12.28 increases. This is where the resistance line from mid-August is located.

If this area can also be dynamically overcome, there is a good chance that the recovery will extend to the resistance zone between $13.63 and $13.93.

If Avalanche settles here and overcomes this area in the medium term, the zone around the last historical high of July 2023 at $15.19 will come back into view. This is also where the Golden Pocket of the entire 2023 price movement is located.

Profit-taking should be planned at this point. Only if the buyers' side manages to sustainably break upward through this area in the coming months will further recovery potential to the resistance zone around $17.12 open up. For now, this price level serves as the maximum bullish target.

However, if AVAX price fails to break through the current resistance area, or at the latest at the resistance line at $10.28, AVAX will fall back, and a recovery test of the last breakout area around $9.76 should be expected. If Avalanche does not stabilize here, the correction may extend further to the monthly low of $9.11.

In the event of renewed weakness in the Bitcoin price and subsequently the entire crypto market, a recovery test from the annual low at $8.62 cannot be ruled out.

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