After the recent uptrend in the last few weeks of 2023, the market is now starting to revive its bullish trend. The bulls are back in action after a brief build-up, suggesting the market is gearing up for new price action. Despite the sideways trend of Bitcoin, Ethereum, and several other tokens, some altcoins such as Chainlink and Avalanche have shown extremely strong performance.
After the price of AVAX hit levels close to $50 for the first time since August 2021, we are confident that the token will maintain its significant upward momentum. The decline took the price near $35, but the recent rally has rekindled the possibility of a sustained uptrend. Now the bull market appears to have sparked another healthy rebound, and the rally appears to have soon found its footing from which a new uptrend can take place.
Recent price action has pushed AVAX price above the crucial symmetrical triangle, but bears are quick to jump in and start taking profits. Even if the price fails to break above this level, it continues to trade within the bullish limits of the 50-day MA and EMA levels. This level currently acts as a strong resistance and support level, so a break above this level could trigger a fresh uptrend towards higher targets.
Will AVAX price reach $100 in 2024?
The first requirement for the Avalanche price is a rise above the current consolidation level, which could lead to a recovery above the $50 level. If the uptrend remains strong, a slight rise above $60 could be realized. This could prove the start of a new uptrend that could head towards $100 after breaking the key resistance level at $81. However, because there was a relatively large surge in trading volume in 2024, prices are expected to maintain a healthy upward trend in the future.