AVAX Price Eyes $55 With The $40 Breakout Rally!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.
