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Home»Crypto»Avalanche (AVAX) Could Rise 50% If It Breaks $28 Resistance – Crypto Analyst
Crypto

Avalanche (AVAX) Could Rise 50% If It Breaks $28 Resistance – Crypto Analyst

September 22, 2024No Comments3 Mins Read
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This article is also available in Spanish.

Avalanche has seen a remarkable 25% increase since Wednesday, driven by the Federal Reserve’s announcement of a 50 bps interest rate cut. This surge has brought AVAX to a critical resistance level that is likely to influence its price movement in the upcoming weeks. Currently trading around $28, the token is testing a significant supply zone that analysts and investors are closely monitoring for its next steps.

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Many market participants are optimistic, anticipating that a breakthrough above this resistance could lead to a substantial increase in AVAX’s price. This could propel AVAX into a new uptrend, potentially reaching new highs and even experiencing a 50% surge. However, failing to surpass this level could expose Avalanche to a pullback, possibly retesting previous support levels.

Analysts consider this moment crucial in determining the market direction for AVAX, especially as overall crypto sentiment has become more bullish following the recent decision by the Federal Reserve. With growing trading volume and investor interest, the next few days will be pivotal in determining whether Avalanche can maintain its momentum or face a short-term correction.

Avalanche Testing Key Supply Levels

Avalanche has been among the top-performing altcoins recently, demonstrating strength amidst a broader market rally. This recent momentum could be just the beginning of a more significant move for AVAX, as analysts and investors anticipate even greater gains if the token continues to break through crucial supply levels.

Renowned crypto figure Carl Runefelt shared a bullish technical analysis of Avalanche on X, noting that AVAX has broken out of a falling wedge pattern, a bullish indicator.

Avalanche retest of the falling wedge pattern with price targets.
Avalanche retest of the falling wedge pattern with price targets. | Source: Carl Runefelt on X AVAXUSDT chart on TradingView

According to his analysis, AVAX has successfully retested the wedge and is now aiming for medium-term price levels. Runefelt’s price targets for AVAX are $28, $33, $41.30, and $54, representing crucial supply zones that the token must surpass for continued upward movement. Achieving $41.30 would signify a 50% surge from its current price, marking significant progress.

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Currently, Avalanche has established a new high, confirming its strength. While there may be consolidation before the next move, many investors believe this consolidation could be a stepping stone to a larger surge.

With a positive shift in market sentiment following the recent Federal Reserve interest rate cut, AVAX is well-positioned for further growth, especially as more investors seek to capitalize on its strong technical setup.

Maintaining this momentum could potentially lead to significant gains in the medium term.

Price Levels To Watch

AVAX is currently trading at $27.39 after testing the daily 200 exponential moving average (EMA) at $28.66. The token has seen a substantial 40% increase since early September, bringing it closer to critical supply levels that will likely influence price action in the coming weeks.

AVAX testing the 1D 200 EMA.
AVAX testing the 1D 200 EMA. | Source: AVAXUSDT chart on TradingView

To sustain momentum and extend the rally, bulls need AVAX to break above the $28 resistance and regain the 1D 200 EMA as support. This would indicate a more stable uptrend and set AVAX up for further growth.

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However, if the price struggles to stay above $25, a deeper correction could follow, bringing short-term bearish pressure. Despite this risk, there is potential for AVAX to consolidate between $25 and $28, giving the token a chance to gather strength for a more significant surge in the near future. Investors are closely monitoring these levels as the market seeks direction.

Featured image from Dall-E, chart from TradingView

Analyst Avalanche AVAX Breaks Crypto resistance Rise
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