The realm of cryptocurrencies is witnessing a vigorous surge in interest, as Bitcoin‘s price vaults past the $72,000 mark. Following challenging times in bear markets, trading volumes have soared from their previous $10 billion levels, suggesting the possibility of accelerated growth periods for various altcoins.
AVAX Breaks Resistance, Eyes Further Gains
The AVAX cryptocurrency has seen a significant price leap of over 10%, currently trading at $48.8. This upsurge has led to a breakthrough past the $44 resistance level in the past day, hinting that a continued rise may be on the horizon. However, the pivotal challenge for AVAX lies in maintaining a position above the decisive $50 resistance mark.
A noteworthy number of investors, exceeding 300,000, collectively hold around 9.16 million AVAX, valued at over $436 million. With their cost basis situated between $50-53, this price range emerges as a formidable resistance due to the concentration of investments and the tendency for short-term profit-taking near this zone.
A convincing push beyond the $50-53 resistance range could deter AVAX investors, who anticipate a significant breakout, from selling their holdings prematurely, potentially sustaining the bullish momentum. Such patterns have been observed across multiple cryptocurrencies recently, paving the way for potential parabolic advances.
Potential Trajectory for AVAX’s Value
AVAX, often seen as a contender to Ethereum, is flirting with the $50 threshold. The Relative Strength Index (RSI) hovers just below what is considered overbought territory, indicating that there may be scope for additional short-term investor interest. Such momentum could fuel an ascendance beyond the $50 price point.
With the Moving Average Convergence Divergence (MACD) signaling an upward trend for the first instance in four months, surpassing the $50-53 bracket could steer the price towards $58.85 and $70 targets, with further peaks at $81 and $98 becoming feasible. Conversely, a failure to overcome resistance could result in a retraction to support levels at $44 and $38. As Asian markets prepare to open, increased volatility is expected, while Bitcoin continues to thrive at over $72,000.
