Avalanche (AVAX) has had a comparatively quiet second half of 2023 relating to value efficiency and ecosystem developments. Nevertheless, the token skilled a mesmerized turnaround in direction of the tip of October, which has seen its worth rise nearly vertically prior to now few weeks.
Avalanche’s constructive run coincides with an optimistic local weather within the normal crypto market, as traders seem like extra desirous about varied digital property. Whereas Bitcoin, the premier cryptocurrency, continues to carry its personal above the $37,000 mark, most altcoins appear able to benefit from altering market sentiment.
Avalanche Shows Energy With 31% Rally – Value Overview
The Avalanche value reached a yearly low of $8.78 in late September, forming the underside for a pattern reversal. The cryptocurrency’s value has been on a bullish run since then whereas seeking to reclaim the highs achieved at the start of 2023.
As of this writing, the AVAX token is valued at $18.58, reflecting a large 31% value enhance prior to now 24 hours. In the meantime, the worth of the altcoin has swelled by greater than 48% within the weekly timeframe.
A broader take a look at the Avalanche value chart additional highlights the token’s energy and attractiveness over the previous few weeks. In line with CoinGecko knowledge, the worth of AVAX has greater than doubled prior to now month.
Avalanche’s constructive value motion – in such a brief timeframe – additional emphasizes the favorable sentiment at the moment brewing within the normal crypto market. Traders have additionally seen different altcoins, like Solana, Ethereum, and Chainlink, go on an upward trajectory prior to now weeks.
Based mostly on knowledge from CoinMarketCap, AVAX has witnessed greater than an 85% enhance in its every day buying and selling quantity. In the meantime, the token’s present market cap of roughly $6.68 billion displays a 31% bounce prior to now day.
Can AVAX Keep Bullish Momentum To $22?
Many traders can be watching to see how far the Avalanche token can sustain with its red-hot momentum. And this is sensible, contemplating that the cryptocurrency was probably the greatest performers within the final bull market, rallying to a peak of $145.
Within the quick time period, value motion knowledge suggests AVAX would possibly have the ability to break above the psychological $20 stage with out a lot resistance. However, traders ought to be careful for the $22 threshold, because it has confirmed to be a major resistance zone prior to now.
If Avalanche manages to breach and shut above the $22 value mark, the token’s value might expertise a parabolic run to $60. On the flip aspect, if the resistance stage holds robust, the AVAX value might fall to seek out help at round $15.
Avalanche value continues upward trajectory on the every day timeframe | Supply: AVAXUSDT chart on the TradingView
Featured picture from IQ.wiki, chart from TradingView
