The Positive Outlook for AVAX: Analysts Predict Bullish Path Towards $150
Over the last 24 hours, Avalanche’s (AVAX) price has experienced a 1.82% increase, reaching $43.30 amidst trading between $41.29 and $43.91. This demonstrates a strong resilience in price performance during this timeframe.
With a market capitalization of $17.76 billion and a trading volume of $486.1 million in the past 24 hours, AVAX continues to attract significant attention from investors.
Increased institutional interest has been a driving force behind the bullish momentum for AVAX, positioning it as a notable performer in the market. Notably, BlackRock’s BUIDL fund has played a substantial role in fostering positive sentiment towards the token.
This growing focus on AVAX lays a robust groundwork for potential upward movements in the short term.
AVAX Poised for a Major Upward Breakout
The potential for a significant breakout looms ahead for Avalanche, with technical indicators signaling towards a possible surge to $150.
Recent analysis from World of Charts has indicated a pattern of ascending consolidations dating back to 2021, reflecting AVAX’s ability to sustain higher lows.
These patterns align closely with the current price trajectory, where AVAX is challenging resistance within a narrowing range.
The prevailing bullish sentiment surrounding the Avax price suggests that a break above this resistance level could trigger substantial price action.
Furthermore, AVAX recorded a trading volume of $196.81 million in the previous 24 hours, showcasing strong liquidity and active participation from traders.
Key $44 Resistance Level Crucial for Future Movements
At present, Avalanche is hovering near the $44 level, a critical resistance threshold that may steer its next price direction.
In the event that the bullish momentum persists and AVAX decisively breaches the $44 mark, the next target could be the psychological resistance at $50, representing a potential 13.62% upside.
Conversely, a failure to sustain this level might prompt a pullback towards $40, a significant support level where bullish sentiment could potentially reinitiate.
The divergence observed among the moving averages on the Alligator indicator hints at a robust upward momentum.
The Stochastic RSI, currently at an overbought level of 96.88, suggests the likelihood of a short-term cooling off period.
Simultaneously, the Money Flow Index (MFI) stands at 61.69, indicating moderate buying pressure with room for further accumulation if bullish sentiment strengthens.
Sentiment Analysis of AVAX Holders
Data on Avalanche’s holder distribution from IntotheBlock indicates that 70.41% of AVAX addresses are currently in profit, having acquired the tokens below $43.48.
Approximately 21.89% of addresses are experiencing losses, holding tokens obtained at prices exceeding the current market value. Meanwhile, 7.70% of addresses are at a neutral position, reflecting an even standing at the prevailing price level.
Historically, clusters of profitable holders accumulated AVAX between $12.98 and $27.67, establishing this range as a noteworthy historical buying zone.
As AVAX approaches the $44 resistance level, it is plausible that selling pressure may emerge from holders aiming to exit at breakeven points.