Significant price movements in major tokens are causing continuous fluctuations in the broader cryptocurrency market. Specifically, Avalanche Coin has seen a sharp increase of over 10% in the last 24 hours, bringing its price close to the highest level of the year.
Avalanche’s price had been trading between $19.07 and $23.97 for more than two weeks before breaking out of this range following a market recovery. However, bulls could not maintain their strength and faced rejection at the $27.46 region. After a brief rally, the cryptocurrency entered a period of sideways movement.
Regaining strength after the rejection, bulls pushed the price over 35% above $27. The subsequent resistance was successfully breached, leading to a further jump of 21.5%, taking AVAX’s price to $42.5.
AVAX’s price has been volatile, settling between $35 and $42.5 for a time. However, a recent surge in the early hours pushed the price up by 10%, reaching $46.
Technical indicators, such as the MACD, reflect a rising green histogram, suggesting sustained buying pressure in the market. If bulls manage to keep the price above the $42.50 support level, AVAX could gain momentum and possibly test $50 today. Conversely, if bears gain the upper hand, AVAX could lose momentum and test the $40 support level in the coming week, potentially falling further to retest the $35 support level if the decline continues.