Avalanche (AVAX) Price To Hit New 52-week High Amid Breakout Rally?

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The AVAX price has successfully reclaimed the $50 mark today, resulting in it recording a new 8-month high. Moreover, it has maintained its position in the top 10 cryptocurrencies by market cap with a valuation of $21.312 billion.

With the rising bullish price action, will Avalanche price achieve a new 52-week? In this article, we have covered the possible short-term market sentiment of the Avalanche (AVAX) crypto token.

AVAX Price Records 8-month High!

The Avalanche price has jumped ~12% in 24 hours with a trading volume of $2.560 billion. Moreover, it has soared 24.53% over the last seven days and ~123% during November. With a YTD return of +34.11%, this altcoin is currently listed at 10th position.

The SMA indicator constantly supports the Avalanche crypto token in the 24-hour time frame. This hints at a bullish outlook for this altcoin in the upcoming time.

Further, the RSI indicator continues trading above the overbought range, with its average trendline surpassing the same trend level. This suggests that the AVAX crypto token may gain significant momentum this week.

Will AVAX Price Hit $100?

If the bulls continue gaining momentum, the Avalanche price may retest its resistance level of $57.30. Maintaining the price above that level could set the stage for it to head toward its upper price target of $65.50 in the upcoming time.

On the flip side, if the bears regain momentum, this altcoin may retest its support level of $50. Moreover, if the bearish sentiment intensifies, this could pull the price of Avalanche toward its lower support level of $40 this year.

Wondering about the long-term price targets of AVAX tokens? Read CoinPedia’s Avalanche Price Prediction. Also, subscribe to us to stay updated on the latest crypto news!