With the crypto industry closing in on the $3 Trillion market cap, the altcoins are gaining momentum to tease a huge price jump. Standing as a potential candidate, the AVAX price prepares for a trend reversal.
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With a potential breakout teasing a bounce back to extend the prevailing uptrend, Avalanche is catching the eyes of investors. As one of the top DeFi platforms, the price of its native token is expected to hit the $100 mark in 2024. Find out more in our multi-year AVAX Price Prediction.
Rounding Reversal Ready To Cross $100
With a bullish bounce back from the $28 mark, the AVAX price action shows a strong uptrend possibility. Making a rounding bottom reversal in the weekly chart with a neckline at $50, the altcoin is teasing a breakout entry spot for sideline traders.
Source – Tradingview
With a 43% jump in the last seven weeks, the AVAX price uptrend momentum survives and continues to increase. Further, the growing market supports the uptrend and increases the possibility of an uptrend.
Currently, the AVAX price trades at $47 and ready to surpass the psychological mark of $50 as the buying pressure increases. Further, the rising trading volume supports the bullish motion teasing a price jump.
Technical indicators:
RSI: The daily RSI line moves sustains the bullish stride and resurfaces above the overbought boundary. Thus, the momentum indicator showcases refueling of trend momentum in Avalanche.
Will AVAX Price Reach $100?
With the altcoins picking up momentum, Avalanche is emerging as a top-performing altcoin. The breakout of the double bottom reversal supports the possibility of an uptrend amidst the growing market. With the breakout run, the AVAX price is ready to soar above $50.
In such a case, per Fibonacci levels, the uptrend can reach the 78.60% Fibonacci level at the $103 mark. Thus, the chances of the $100 barrier breakout is increasing in Avalanche
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