Bullish Breakout at $40: AVAX price demonstrates a strong bullish trend with an impressive 89% rally in two weeks, breaking past the crucial $40 level.
Fibonacci Retracement Level in Focus: Avalanche's market price is eyeing the significant 38.20% Fibonacci retracement level at $54.59.
Weekly Chart Analysis: AVAX's recovery rally in the weekly chart marks a trend reversal, indicated by bullish engulfing candles.
Avalanche Network's Robust Growth: Data from DefiLlama highlights a recovery in the Avalanche network, with increases in total value locked (TVL), active addresses, and inflows.
Continuing Recovery: Despite a minor pullback in the 4-hour chart, AVAX maintains its upward trajectory, trading at $41.44 with an intraday growth of 4.52%.
Swing-High Breakout: AVAX's price action suggests a bullish attempt to push the rally further, potentially skyrocketing above the $55 mark.
Technical Indicators - RSI: The Relative Strength Index (RSI) indicates a temporary pause in the overbought zone, but a resurgence is likely.
Potential to Cross $50: AVAX shows active bullish sentiment, with a high possibility of surpassing the $50 level, particularly if the broader market improves.
Avalanche's Ecosystem Prospects: With the network ending 2023 on a high note and set for potential growth in 2024, there's optimism surrounding AVAX.
Critical Levels to Watch: The $55.49 mark stands as a significant target, with the potential retest of the $40 breakout level in case of a supply increase.
Fibonacci Retracement Level in Focus: Avalanche's market price is eyeing the significant 38.20% Fibonacci retracement level at $54.59.
Weekly Chart Analysis: AVAX's recovery rally in the weekly chart marks a trend reversal, indicated by bullish engulfing candles.
Avalanche Network's Robust Growth: Data from DefiLlama highlights a recovery in the Avalanche network, with increases in total value locked (TVL), active addresses, and inflows.
Continuing Recovery: Despite a minor pullback in the 4-hour chart, AVAX maintains its upward trajectory, trading at $41.44 with an intraday growth of 4.52%.
Swing-High Breakout: AVAX's price action suggests a bullish attempt to push the rally further, potentially skyrocketing above the $55 mark.
Technical Indicators - RSI: The Relative Strength Index (RSI) indicates a temporary pause in the overbought zone, but a resurgence is likely.
Potential to Cross $50: AVAX shows active bullish sentiment, with a high possibility of surpassing the $50 level, particularly if the broader market improves.
Avalanche's Ecosystem Prospects: With the network ending 2023 on a high note and set for potential growth in 2024, there's optimism surrounding AVAX.
Critical Levels to Watch: The $55.49 mark stands as a significant target, with the potential retest of the $40 breakout level in case of a supply increase.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.