Avalanche

<a href="https://www.blockhead.co/tag/avax/" rel="noopener noreferrer nofollow">AVAX</a> returned to the brink of a key price zone after recovering from the bearish dip occasioned by its <a href="https://www.blockhead.co/2024/02/21/avalanche-token-unlock-could-see-avaxs-price-sink-further/" rel="noopener noreferrer nofollow">token unlock on 23rd February</a>.With price hovering at $40, buyers would be looking to quickly use the bullish sentiment in the market to scale this bearish hurdle.This could yield good gains for patient traders in the medium to long term, as AVAX looks set to breakout with massive bullish momentum.<h3 id="keep-avalanche-secure-earn-avax">Keep Avalanche Secure, Earn AVAX</h3>One of the primary growth drivers for AVAX has been the <a href="https://www.avax.network/validators?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">stake to earn initiative</a> on the Avalanche blockchain. AVAX holders are incentivized to stake their tokens to secure the <a href="https://www.blockhead.co/tag/avalanche/" rel="noopener noreferrer nofollow">Avalanche</a> network and receive rewards in return. AVAX holders can run an Avalanche node as a validator, stake their AVAX, and earn AVAX tokens.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/e0f6af370b1d4598bbb7c4fdfff94ed9.png" />With the total number of validators nearing 2,000, this is helping to further decentralize Avalanche. Validators in a Proof of Stake (PoS) system such as Avalanche help to secure the network by imposing the need to lock up value in the network in order to participate in the consensus decisions.As validators grow, this in turn drives demand for AVAX.<h3 id="demand-for-avax-could-lead-to-35-price-pump">Demand for AVAX Could Lead to 35% Price Pump</h3><img src="https://academy-public.coinmarketcap.com/optimized-uploads/13a86e0185c2477482ceb99ea321b582.png" />AVAX/USDT on TradingView (Daily Timeframe)The Relative Strength Index (RSI) is a momentum indicator that gauges whether to accumulate or sell an asset. Readings above 50 suggest bulls have an advantage and the token is on an upward trend, while readings below 50 indicate the opposite.With AVAX’s RSI still sitting above the neutral 50 despite the retracement on the daily timeframe, it highlights the bullish strength on AVAX. This presents a good buying opportunity once bulls flip the $43 resistance to support.Thus, traders can enter buy positions on the close of a bullish candle above $44. With a medium to long-term aim for $60, this could produce close to 35% gains for buyers.The positive reading of &#43;0.16 on the Chaikin Money Flow (CMF) added to the bullish sentiment and profit opportunity on AVAX.Subscribe to Blockhead&#39;s daily newsletter for <a href="https://www.blockhead.co/#/portal/signup" rel="noopener noreferrer nofollow">FREE </a>and stay in the loop on digital assets. Follow our <a href="https://twitter.com/blockhead_co" rel="noopener noreferrer nofollow">X</a> and <a href="https://t.me/blockhead_co" rel="noopener noreferrer nofollow">Telegram </a>for our latest updates too!

AVAX Primed for 35% Bullish Breakout After Price Rebound

Table of Contents

Blockhead

Other articles published on Mar 7, 2024

SEC Chair Gary Gensler Declines To Say Whether Ethereum Is A Commodity: 'It's About Circumstances'

Massive Ethereum Transfer Shakes Crypto Market

Scorpion Casino’s $6 Million Presale Haul Overshadows Bullish Rated Cryptos Arbitrum (ARB) & Dece...

Figment Europe Prepares to Launch Ethereum and Solana Staking ETPs on Swiss Exchange

Terra Classic (LUNC) Price Bullish Strategy Eyeing $1 Depends On 3 Key Factors

Ethereum leans into rollup-centric future as Dencun hard fork looms

Join our free newsletter for daily crypto updates!