With Bitcoin ending the week on a moody slip, the altcoins market stays divided on the topic, and some altcoins are taking it better than others. For instance, Avalanche (AVAX) price shoots up to give a bullish break of $40.
In the weekly chart, the recovery rally in the AVAX price trend shows a remarkable comeback and marks the 23.60% Fibonacci retracement level. Supporting the bullish AVAX price prediction, the bullish engulfing candles in the weekly chart signal a trend reversal.
Source – Tradingview
The Avalanche Network Takes The High Road
The sensational recovery in the Avalanche network strength marks an impressive growth in the AVAX ecosystem. As per DefiLlama, an on-chain platform, the Total value locked is on the path to recovery and reached $1.852 Billion; the active addresses in the last 24 hours reached 70,301. Similarly, the inflows in 24 hours tops at $6,65,674.
Source: DefiLlama
Moreover, the transactions over the network are on a similar rising trend and may soon reach a new 52-week high. As the network plans to end 2023 on a high note in terms of TVL, active addresses, transactions, and inflows, the ecosystem is set to blast in 2024.
AVAX Price Brings New Breakout Sprint
With the ongoing recovery continuing after a short pullback in the 4H chart, the trend-based Fibonacci retracement level teases a strong trend ahead. Currently, the AVAX price trades at $41.44 with an intrada growth of 4.52% despite the dip in market leaders and other top altcoins.
Source: Tradingview
The AVAX price action displays a bullish attempt to pump the ongoing recovery with a swing-high breakout at $41. Moreover, with the bullish break, the AVAX crypto may skyrocket above the 38.20% level. As per the Fibonacci levels, the uptrend may reach the $55.49 mark.
Technical indicators:
RSI: The RSI indicator shows a downslide from the overbought zone in the 4H chart, reflecting a short breather phase. However, the recent spark may shortly pump RSI to re-enter the overbought zone.
Will AVAX Price Cross $50?
While the market recovery takes a brief hiatus, the AVAX price is still active, and the anticipation of a new breakout is fueling bullish sentiment. Moreover, the Fibonacci levels are hinting at a strong uptrend with a growing possibility of crossing the $50 mark.
Additionally, if the market improves, it could push the price of AVAX past $42.
In such a case, the uptrend could reach $55. However, if supply increases, the market value of Avalanche could retest the $40 breakout.
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