Ethereum

Based

Memecoin

Avalanche

<p><a href="https://cryptoticker.io/en/token/avax">Avalanche (AVAX)</a> has remained in the $30-$39 price range for weeks. After rallying above $60 in March, AVAX dipped to the $35 region and has since struggled to break the $40 resistance. However, recent bullish patterns indicate a possible surge to reclaim the $40 level.</p>
<p>AVAX currently trades at $36.91, up around 6% in the past 24 hours. It has gained nearly 8% over the last 30 days. A recovery in the broader crypto market sentiment could propel AVAX to retest its $60.69 March high.</p>
<figure class="image">
 <img style="aspect-ratio:1567/807;" src="https://cryptoticker-strapi-media.s3.eu-central-1.amazonaws.com/AVAXUSD_2024_05_18_10_02_41_033662b2b3.png" alt="AVAXUSD_2024-05-18_10-02-41.png" width="1567" height="807">
 <figcaption>
  AVAX/USDT 1D - <a href="https://www.tradingview.com/symbols/AVAXUSD/?aff_id=127958">TRADINGVIEW</a>
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</figure>
<h2 id="what-s-driving-avalanche-s-price">What's Driving Avalanche's Price?</h2>
<p>The overall <a href="https://cryptoticker.io/en/top-three-cryptocurrency-to-watch-this-week">crypto market</a> momentum often impacts the prices of altcoins like AVAX. Bitcoin's push above $66,000 recently has helped boost buying pressure on Ethereum and other major altcoins.</p>
<p>Ecosystem developments are also aiding AVAX's ascent. Avalanche will assist in managing tokenized U.S. Treasuries on Ethereum, increasing its popularity. Avalanche's new $1 million liquidity mining program called Memecoin Rush aims to attract more meme coin activity.</p>
<h2 id="avax-price-outlook">AVAX Price Outlook</h2>
<p>Based on these tailwinds, analysts <a href="https://cryptoticker.io/en/top-5-altcoins-to-buy-before-bitcoin-halving">predict AVAX</a> could rally to the $40 level in the coming days if it can overcome the $39.02 resistance. Market analyst Omar sees AVAX breaking out of a major trendline, potentially triggering a 40% short-term rally.</p>
<p>Technically, AVAX is forming a bullish engulfing pattern on the daily chart as buyers return. It has found support at $34.04 and is testing the $37.70 resistance. A breakout could quickly push AVAX to $40. The RSI indicator rising into bullish territory also supports more upside.</p>
<p>However, over 28% of the circulating AVAX supply is held by short-term investors who could sell into a rally. A large demand barrier also exists around $38 where over 12 million AVAX were purchased.</p>
<p>Overall, while bullish momentum is building, <a href="https://cryptoticker.io/en/token/avax">AVAX</a> may face further consolidation if sellers continue limiting major breakouts. A decisive move above $39 is needed to spark the next rally toward $40 and higher.</p>

Avalanche (AVAX) Could Hit $40 on Bullish Signs

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