📈 AVAX Eyes $42 Rally
Avalanche (AVAX) has gained momentum over the past three days, currently trading at $27.10, up from a low of $22.75 earlier this week. Traders are hopeful that AVAX could climb by 56% to reach the key resistance level of $42.
📊 Technical Indicators Signal Bullish Potential
The Avalanche price is pushing toward the 50-day and 100-day EMAs, suggesting that bulls may regain control. Additionally, the Relative Strength Index (RSI) has crossed the neutral 50 mark, and the MACD lines are approaching the zero line, both signaling upward momentum.
🚀 Breakout and Resistance Levels
A volume-supported breakout above $31 could propel AVAX to $42. However, a drop below the ascending trendline would invalidate this bullish view, potentially leading AVAX to a support level around $17.27.
📈 Analysts Remain Optimistic
CryptoDoc, a popular analyst, noted that AVAX might see a bullish breakout as long as it holds between $22 and $26, enhancing market optimism.
💼 Catalysts for AVAX Growth
Avalanche recently acquired 1.9 million AVAX tokens from the collapsed Luna Foundation Guard, now worth $53 million. Additionally, a potential Federal Reserve interest rate cut could boost risky assets like AVAX.
🔗 Network and Partnerships
Avalanche’s network is thriving, with active addresses reaching a two-week high of 94,154. Recently, Avalanche was chosen to participate in JP Morgan’s Kinexys project, focusing on privacy and identity solutions, marking a significant collaboration.
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