The value of Avalanche (AVAX) has been steadily rising main as much as the vacation season. Consequently, in simply over two months, the altcoin has greater than quintupled in value. In any case, the value of AVAX nonetheless has extra potential than most different cryptocurrencies, which have seen rises of about 300% over the identical time body.

Buyers and aficionados are retaining a cautious eye on whether or not AVAX could attain this milestone earlier than the tip of the present yr because the cryptocurrency makes regular progress towards the coveted $50 mark, a level it has not hit since Could 2022.

AVAX Surges: From Resistance Break To $50 Anticipation

On the time of writing, AVAX was trading at $45.59, down 2.1% within the final seven days, however sustained a 6.7% rally within the final week, information from Coingecko reveals. With a market valuation of greater than $17 billion, the altcoin has change into one of many largest within the enterprise due to its steady rise.

The value of the cryptocurrency has elevated dramatically since October, when it was trading at a low of $8.50. With solely two months to go, AVAX surged by greater than 400%, setting a brand new annual high of $46.50 and sparking anticipation that it will hit $50 within the remaining days of the yr.

AVAX achieved a significant breakthrough by breaking away from a falling resistance development line that had held for 750 days since its all-time high, which propelled this unbelievable ascension. This break away from the established development line represented a big technical development and was additionally a significant factor in quickening the tempo of AVAX’s value rise.

AVAX market cap at present at $16.563 billion. Chart: TradingView.com

AVAX’s strong run to date is attributable to various favorable elements driving the broader cryptocurrency market. Macroeconomically, the latest drop in inflation charges and indicators of possible rate of interest reductions by the Federal Reserve and different central banks in 2024 current a superb local weather for various belongings like AVAX.

AVAX’s Potential Amid ETF Hope, Market Optimism

Furthermore, there may be hope that the US Securities and Trade Commission (SEC) would approve a spot Bitcoin exchange-traded fund (ETF). If this occurs, it might pave the way in which for the introduction of different cryptocurrency ETFs, comparable to these related to Avalanche.

The crypto concern and greed index has risen to 75, signifying a good feeling, demonstrating the business’s momentum. Historic information signifies that tokens like as AVAX tend to carry out effectively and stay resilient throughout occasions of market optimism, which can point out extra upward motion within the current market surroundings.

Even with AVAX’s outstanding value surge, adjustments in Bitcoin’s value nonetheless have an effect. If Bitcoin falls for any motive, the value of Avalanche might be going to observe.

#Avalanche $Avax 1w

On observe! 👌 pic.twitter.com/pDM4hWzE7S

— FLASH (@THEFLASHTRADING) December 21, 2023

In the meantime, crypto analysts on X consider that the development is more likely to go upward.

With a goal value of $65, Flash has a bullish projection. His bullish view stems from a breakaway from a long-term development and a transfer over a horizontal resistance zone.

Moreover, Bluntz Capital tweeted a bullish wave rely that implies the value of AVAX will end the fifth and ultimate wave near $55.

In the meantime, the value of AVAX stays above the weekly assist level at $40 and advances into the resistance zone, which is positioned between $51 and $55. When in comparison with the present value of $45.49, this transfer would symbolize a achieve of round 20%.

With momentum rising and important adjustments anticipated within the cryptocurrency scene, Avalanche (AVAX) might expertise a considerable % surge earlier than a cooldown. The interaction of financial elements, rules, and market sentiment creates an enticing story for each AVAX fanatics and buyers.

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