AVAX technical analysis: Strong bullish momentum could surge $60
2024-11-12

AVAX/USDT is currently trading at approximately $35.81. Here's a detailed analysis based on the chart:

Key Levels:

$60.71: This price level stands out as a potential target for an all-time high (ATH) or a significant resistance zone.
$41.19: Another resistance point that AVAX must surpass before it can aim for the $60.71 level.
$28.16: A critical support zone, where buying interest could increase if the price experiences a pullback.
Price Movement:

The chart suggests a possible upward trajectory toward $60.71, with a potential gain of 93.17% from the current level. This implies strong bullish momentum. However, before reaching the target, there may be a retracement that could bring the price down to the $28.16 support level, presenting an opportunity for a rally thereafter.

Moving Average:

The green line represents a moving average, which may be acting as dynamic support. AVAX has recently broken above this line, signaling a bullish trend and further price increases.

Market Sentiment:

The recent breakout and upward price movement point to increasing buying interest. If AVAX maintains its position above the intermediate support and manages to break the $41.19 resistance, it could be well-positioned to reach the $60.71 target, though market volatility could impact the pace.

Conclusion: This technical analysis indicates that AVAX has strong potential to hit the $60.71 target, supported by a robust upward trend, as long as it stays above key support levels. However, traders should be cautious of potential pullbacks and consolidation phases as the price approaches resistance zones.