The AVAX price has recovered almost 30% over the last week and could be building pressure for an explosive impulse move higher. Avalanche (AVAX) is trading at $61.55 (+3.22), down 7.8% in October and +1,800% year-to-date. Avalanche is currently the 15th-most valuable cryptocurrency and has a market cap of just over $13.5 billion.
Layer-one blockchain Avalanche is emerging as a credible rival to Ethereum and attracting considerable investor interest. Last month, the news that Avalanche secured a $230 million investment sent the AVAX price to an all-time of $81. However, the price has been trending broadly lower since and had given back around 40% coming into last week. After trading as low as $48.17 on the 12th of October, Avalanche has been trending higher. As a result, the AVAX token has reclaimed the 50-day moving average and is nudging trend line resistance this morning.
Avalanche Price Forecast
The daily chart shows the AVAX price is above the 50-DMA at $59.00 and testing trend line resistance at $62.15. If Avalanche successfully clears the trend, the bullish momentum could initiate an extension towards $80.00. On the other hand, failure to clear the trend will reinforce its validity, potentially triggering a steep decline.
If AVAX turns lower, the 100-DMA is the first significant support level at $40.78, around 33% below the market. Following that, the 200-DMA at $31.60 is the ultimate test. Considering Avalanche’s solid fundamentals and recent history, the bullish argument does carry more weight. However, until the AXAX price clears or fails to clear the trend, either scenario is possible.
AVAX Price Prediction
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