Avalanche (AVAX) has had a comparatively quiet second half of 2023 concerning value efficiency and ecosystem developments. Nonetheless, the token skilled a mesmerized turnaround in direction of the top of October, which has seen its value rise nearly vertically prior to now few weeks.
Avalanche’s optimistic run coincides with an optimistic local weather within the normal crypto market, as traders look like extra all for varied digital property. Whereas Bitcoin, the premier cryptocurrency, continues to carry its personal above the $37,000 mark, most altcoins appear able to reap the benefits of altering market sentiment.
Avalanche Shows Power With 31% Rally – Worth 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 first of 2023.
As of this writing, the AVAX token is valued at $18.58, reflecting an enormous 31% value improve 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 power and attractiveness over the previous few weeks. In accordance with CoinGecko knowledge, the value of AVAX has greater than doubled prior to now month.
Avalanche’s optimistic value motion – in such a brief timeframe – additional emphasizes the favorable sentiment presently 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.
Primarily based on knowledge from CoinMarketCap, AVAX has witnessed greater than an 85% improve in its every day trading quantity. In the meantime, the token’s present market cap of roughly $6.68 billion displays a 31% soar prior to now day.
Can AVAX Preserve Bullish Momentum To $22?
Many traders could 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 among the finest performers within the final bull market, rallying to a peak of $145.
Within the brief time period, value motion knowledge suggests AVAX would possibly be capable of break above the psychological $20 level with out a lot resistance. Nonetheless, 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 may expertise a parabolic run to $60. On the flip aspect, if the resistance level holds robust, the AVAX value may 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