Bitcoin

Avalanche

<p>The post <a href="https://coinpedia.org/price-analysis/avax-price-breakout-point-fuels-avalanche-rally-eyes-55/" rel="noopener noreferrer nofollow">AVAX Price Breakout Point Fuels Avalanche Rally, Eyes $55!</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>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.&nbsp;</p>
<p>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 <a href="https://coinpedia.org/price-prediction/avalanche-avax-price-prediction/" rel="noopener noreferrer nofollow">AVAX price prediction</a>, the bullish engulfing candles in the weekly chart signal a trend reversal.&nbsp;</p>
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="485" src="https://image.coinpedia.org/wp-content/uploads/2023/12/16131301/AVAXUSD_2023-12-16_11-33-52-1024x485.png" alt="" class="wp-image-254009" srcset="https://image.coinpedia.org/wp-content/uploads/2023/12/16131301/AVAXUSD_2023-12-16_11-33-52-1024x485.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/12/16131301/AVAXUSD_2023-12-16_11-33-52-300x142.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/12/16131301/AVAXUSD_2023-12-16_11-33-52-768x364.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/12/16131301/AVAXUSD_2023-12-16_11-33-52-1536x728.png 1536w, https://image.coinpedia.org/wp-content/uploads/2023/12/16131301/AVAXUSD_2023-12-16_11-33-52-150x71.png 150w, https://image.coinpedia.org/wp-content/uploads/2023/12/16131301/AVAXUSD_2023-12-16_11-33-52.png 1813w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>Source – <a href="https://www.tradingview.com/x/Z7eMZVlr/" rel="noopener noreferrer nofollow">Tradingview</a></p>
<h2 class="wp-block-heading" id="h-the-avalanche-network-takes-the-high-road-nbsp">The Avalanche Network Takes The High Road&nbsp;</h2>
<p>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.&nbsp;</p>
<figure class="wp-block-image"><img decoding="async" width="1533" height="664" src="https://image.coinpedia.org/wp-content/uploads/2023/12/16131702/image-85.png" alt="" class="wp-image-254012" srcset="https://image.coinpedia.org/wp-content/uploads/2023/12/16131702/image-85.png 1533w, https://image.coinpedia.org/wp-content/uploads/2023/12/16131702/image-85-300x130.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/12/16131702/image-85-1024x444.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/12/16131702/image-85-768x333.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/12/16131702/image-85-150x65.png 150w" sizes="(max-width: 1533px) 100vw, 1533px">
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<p>Source: <a href="https://defillama.com/chain/Avalanche" rel="noopener noreferrer nofollow">DefiLlama</a></p>
<p>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.</p>
<h2 class="wp-block-heading" id="h-avax-price-brings-new-breakout-sprint">AVAX Price Brings New Breakout Sprint</h2>
<p>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.</p>
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="485" src="https://image.coinpedia.org/wp-content/uploads/2023/12/16131308/AVAXUSD_2023-12-16_11-35-46-1024x485.png" alt="" class="wp-image-254010" srcset="https://image.coinpedia.org/wp-content/uploads/2023/12/16131308/AVAXUSD_2023-12-16_11-35-46-1024x485.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/12/16131308/AVAXUSD_2023-12-16_11-35-46-300x142.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/12/16131308/AVAXUSD_2023-12-16_11-35-46-768x364.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/12/16131308/AVAXUSD_2023-12-16_11-35-46-1536x727.png 1536w, https://image.coinpedia.org/wp-content/uploads/2023/12/16131308/AVAXUSD_2023-12-16_11-35-46-150x71.png 150w, https://image.coinpedia.org/wp-content/uploads/2023/12/16131308/AVAXUSD_2023-12-16_11-35-46.png 1814w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>Source: <a href="https://www.tradingview.com/x/T3DneZqW/" rel="noopener noreferrer nofollow">Tradingview</a></p>
<p>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.&nbsp;</p>
<p><strong>Technical indicators:</strong>&nbsp;</p>
<p><strong>RSI:</strong> 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.&nbsp;</p>
<h2 class="wp-block-heading" id="h-will-avax-price-cross-50">Will AVAX Price Cross $50?</h2>
<p>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.</p>
<p>Additionally, if the market improves, it could push the price of AVAX past $42.</p>
<p>In such a case, the uptrend could reach $55. However, if supply increases, the market value of Avalanche could retest the $40 breakout.<span id="docs-internal-guid-5aa0bfac-7fff-9225-a118-aa06038c1479"></span></p>
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AVAX Price Breakout Point Fuels Avalanche Rally, Eyes $55!

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