Avalanche’s recent rally has broken through a 750-day resistance line, marking a significant milestone for the cryptocurrency. The price of AVAX has been steadily rising since October, reaching its annual high of $38. Despite being overbought, the RSI index is still growing and showing no signs of bearish divergence.
Analysts and traders on Platform X are impressed with Avalanche’s performance. JJJCycles has identified the next important resistance level at $53, while Crypto Ryan notes a long-term uptrend support line at $55. Shuarix experts express optimism, suggesting that AVAX may break through resistance if trading volumes continue to increase.
Based on Elliott Wave analysis, the most likely scenario is that AVAX is in its final phase of the upward movement. The daily RSI supports this bullish forecast, with the index breaking through the bearish divergence trend line. If the upward momentum continues, the peak of this movement could be at $44, indicating a 20% growth. If the fifth wave extends further, the potential target is $58, representing a 60% increase from the current price.
However, failure to break through the $44 resistance area could result in a local top being formed, leading to a 40% decline into the $22 support area.
Overall, Avalanche’s performance has been impressive, and traders and analysts are closely watching its next moves.