Avalanche (AVAX) Price Hits New Highs, Analysts See Potential for Further Gains
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The Avalanche (AVAX) price reached a new yearly high of $38 yesterday after increasing swiftly in December. There is no clear resistance above the current price.
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AVAX broke out from a 750-day descending resistance trendline that had been in place since the all-time high. The RSI indicator is overbought but supports the bullish momentum.
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Analysts are impressed with the rally and think AVAX could break $50. One target is $53 based on the current horizontal resistance level.
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According to Elliott Wave analysis, AVAX is in the fifth and final wave up from October. Targets are $44 (20% increase) or $58 (60% increase) before a correction.
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Failure to break $44 resistance could lead to a 40% decrease to around $22 support. But the overall outlook remains bullish.