Avalanche (AVAX) had a rather quiet second half of 2023 in terms of price performance and ecosystem progress. However, the token had a stunning turnaround around the end of October, with its value rising practically vertically in recent weeks.
The bullish run of Avalanche corresponds with an upbeat mood in the wider crypto market, as investors appear to be increasingly interested in various digital assets. While Bitcoin, the leading cryptocurrency, remains over the $37,000 mark, most altcoins appear poised to capitalize on shifting market mood.
Avalanche Shows Strength With 31% Rally – Price Analysis
In late September, the Avalanche price touched a yearly low of $8.78, indicating the bottom for a trend reversal. Since then, the cryptocurrency’s price has been on a bullish run, attempting to recapture the highs reached at the start of 2023.
As of this writing, the AVAX token is worth $18.11, representing a 31% rise in the last 24 hours. Meanwhile, the weekly price of the altcoin has increased by more than 48%.
A larger look at the Avalanche price chart reveals the token’s recent rise and desirability. AVAX’s value has more than doubled in the last month, according to CoinGecko data.
The good price action of Avalanche in such a short timescale underscores the bullish mood that is currently emerging in the wider crypto market. Other cryptocurrencies, such as Solana, Ethereum, and Chainlink, have also seen an increase in value in recent weeks, according to investors.
According to CoinMarketCap data, AVAX’s daily trading volume has increased by more than 85%. Meanwhile, the token’s current market worth of $6.68 billion represents a 31% increase in the last day.
Can AVAX keep its bullish momentum going to $22?
Many investors will be looking to see how long the Avalanche cryptocurrency can maintain its hot streak. This makes sense given that the cryptocurrency was one of the strongest performers during the previous bull market, surging to a high of $145.
In the immediate term, price movement data implies that AVAX might easily break over the psychological $20 mark. Nonetheless, investors should keep an eye on the $22 level, as it has previously shown to be a strong resistance zone.
If Avalanche can breach and close over the $22 price level, the token’s price might skyrocket to $60. On the other hand, if the resistance level holds, the AVAX price could fall to about $15.
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