Avalanche (AVAX) has had a comparatively quiet second half of 2023 relating to worth efficiency and ecosystem developments. Nevertheless, the token skilled a mesmerized turnaround in direction of the tip of October, which has seen its worth rise virtually vertically previously few weeks.
Avalanche’s optimistic run coincides with an optimistic local weather within the normal crypto market, as traders look like extra concerned about numerous digital belongings. Whereas Bitcoin, the premier cryptocurrency, continues to carry its personal above the $37,000 mark, most altcoins appear able to make the most of altering market sentiment.
Avalanche Shows Power With 31% Rally – Worth Overview
The Avalanche worth reached a yearly low of $8.78 in late September, forming the underside for a development reversal. The cryptocurrency’s worth has been on a bullish run since then whereas seeking to reclaim the highs achieved initially of 2023.
As of this writing, the AVAX token is valued at $18.58, reflecting a large 31% worth improve previously 24 hours. In the meantime, the value of the altcoin has swelled by greater than 48% within the weekly timeframe.
A broader have a look at the Avalanche worth chart additional highlights the token’s power and attractiveness over the previous few weeks. In response to CoinGecko knowledge, the worth of AVAX has greater than doubled previously month.
Avalanche’s optimistic worth 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 previously weeks.
Based mostly on knowledge from CoinMarketCap, AVAX has witnessed greater than an 85% improve in its each day buying and selling quantity. In the meantime, the token’s present market cap of roughly $6.68 billion displays a 31% bounce previously day.
Can AVAX Keep 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 smart, contemplating that the cryptocurrency was the most effective performers within the final bull market, rallying to a peak of $145.
Within the quick time period, worth motion knowledge suggests AVAX would possibly be capable 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 previously.
If Avalanche manages to breach and shut above the $22 worth mark, the token’s worth may expertise a parabolic run to $60. On the flip aspect, if the resistance stage holds sturdy, the AVAX worth may fall to seek out assist at round $15.
Avalanche worth continues upward trajectory on the each day timeframe | Supply: AVAXUSDT chart on the TradingView
Featured picture from IQ.wiki, chart from TradingView
