AVAX Price Displays Strong Bullish Move! Eyes $75 This Month?

The post AVAX Price Displays Strong Bullish Move! Eyes $75 This Month? appeared first on Coinpedia Fintech News

Top altcoins continue to add significant valuation to their respective portfolios, highlighting a massive bullpower in the crypto market. Further, the Avalanche price surpasses the leader of memecoins, Dogecoin, to successfully claim the spot of the 9th largest cryptocurrency in the world.

The AVAX price has recorded a jump of 36.75% within the past seven days and 53.48% over the past 30 days. Further, the AVAX token has a YTD of approximately 58%, indicating a significant increase in the demand for these tokens.

Avalanche Price Reclaims $60 Mark!

The AVAX price traded in a closed range between $35 and $39.50 for a brief period. As the token entered the 3rd trading month of the year, the bulls regained momentum and the price recorded a jump of 16.61% in valuation. Following this, the altcoin displayed a neutral trend for the next eleven days.

As the market volatility grew, the bulls successfully regained momentum and recorded a jump of 38.98% before facing rejection above the support level of $55.52. Following this, the Avalanche price displayed significant volatility in the chart.

TradingView: AVAX/USDT

Since then, the AVAX price has been trading in a consolidated range between $49.95 and $61.25. Positively, the token is on the verge of testing its resistance level, however, the outcome of this is unpredictable due to the highly volatile market sentiments.

The technical indicator, MACD, displays a rising green histogram, highlighting an increased buying-over-selling pressure in the market. Moreover, the averages show a bullish convergence, suggesting the price will continue gaining value in the coming time.

Will AVAX Price Continue Rising?

If the market pushes the price above the resistance level of $61.25, the bulls will continue to gain value and test its resistance of $65. Further, if the price continues to trade under a bullish sentiment, it will prepare to test its upper resistance level of $70 in the coming time.

Conversely, if a trend reversal occurs, the bulls will lose momentum and the AVAX price will fall to test its support level of $55.52. Moreover, if the bears continue to hold power over the bulls, the Avalanche price will continue bleeding and test its lower support level of $49.95.