Avalanche (AVAX) Price Faces Stern Test to Claim $50 Price Barrier – Can Bulls Succeed?

Analysis3mos agoUpdate 6086cf...
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In Brief

  • Avalanche price is close to breaching the $50 resistance level that has been unbreached since May 2022.
  • About 9.16 million AVAX bought at an average of $53 is awaiting a breach of the barrier to turn profitable.
  • Technical indicator MACD is observing the first bullish crossover since October 2023, making AVAX ripe for a rise.

Avalanche price is at the cusp of breaching a crucial resistance level, which could largely impact the overall profits of AVAX holders.

However, historical occurrences make this probability slightly thinner, evoking the question of whether investors will bear profits soon or if they will have to wait longer.

Avalanche Price Close to Noting Half-Century

Avalanche price, trading at $47 at the time of writing, has risen by over 10.6% in the last 24 hours, crossing the $44 resistance earlier in the day. The next barrier for the altcoin is set at $50, which is not only an important psychological resistance but also an important technical level.

Avalanche (AVAX) Price Faces Stern Test to Claim  Price Barrier – Can Bulls Succeed?
AVAX/USDT 3-day chart. Source: TradingView

Over 300,000 AVAX holders have been waiting for this moment since December 2023. About 9.16 million AVAX worth more than $436 million sits at this price point. Bought at an average of $53, this supply would become profitable once the $50 resistance is flipped into support.

Avalanche (AVAX) Price Faces Stern Test to Claim  Price Barrier – Can Bulls Succeed?
Avalanche GIOM. Source: IntoTheBlock

This anticipation will prove to be beneficial to Avalanche’s price as well since investors will likely hold off on selling for now. Furthermore, technical indicators signal a bullish path for the altcoin.

Avalanche Price Prediction – the First in a While

Investors and market conditions support Avalanche price breaching $50. The Relative Strength Index (RSI) is presently in the bullish zone below the overbought threshold, painting a positive outcome for AVAX.

RSI assesses recent price fluctuations to determine whether a market is overbought or oversold. Akin to this is MACD (Moving Average Convergence Divergence). This trend-following momentum indicator shows the relationship between two moving averages of an asset’s price.

MACD, for the first time in four months, is noticing a bullish crossover. Here, the signal line is crossing over the indicator line.

Avalanche (AVAX) Price Faces Stern Test to Claim  Price Barrier – Can Bulls Succeed?
Avalanche RSI and MACD. Source: TradingView

In longer timeframes, such as 3-day intervals, these instances typically signal a bull run, especially in active markets.

Thus, AVAX is likely to break through $50, a level it failed to breach back in December last year. Flipping it into support would enable Avalanche’s price to rally further and cross $53.

However, the altcoin could see some correction if the $50 breach fails again. This would bring AVAX down to $44, invalidating the bullish thesis.

This article is sourced from the internet: Avalanche (AVAX) Price Faces Stern Test to Claim $50 Price Barrier – Can Bulls Succeed?

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