Why is Avalanche (AVAX) Price Up?

Avalanche’s native token AVAX has seen a nice price boost today, trading around $39 which marks an 8% gain over the past 24 hours.

This takes AVAX close to the crucial $40 resistance level, a threshold it hasn’t crossed since early January when the token hit its 2023 high of around $48 before correcting lower in the following weeks.

Analyzing the AVAX/USDT price chart, AVAX has been trending inside a parallel blue channel between $27 and $41 throughout 2024 so far. $40 represents the next key area of resistance, with price getting rejected there today. The next resistance level sits at $41, where price also got rejected in early January.

The RSI (Relative Strength Index) indicator across daily, weekly, monthly and 6-month timeframes shows a reading of 50-55. This signals AVAX is in neutral territory momentum-wise, with some room still to rise before being considered “overbought”. The Relative Strength Index (RSI) is a technical indicator used to analyze price momentum and gauge whether an asset is overbought or oversold. The RSI metric calculates the size and speed of recent price changes to evaluate if the asset has been overextended in either direction.

There were no major announcements from the Avalanche Foundation’s X (formerly Twitter) account which has over 1 million followers. The account is very active, but there haven’t been noteworthy developments over recent days driving this latest AVAX price uptrend.

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For some background, Avalanche is a layer one blockchain that aims to unseat Ethereum as the most popular network for decentralized apps and custom blockchain deployment. It uses a unique architecture consisting of three separate blockchains (X-Chain, C-Chain, P-Chain) to achieve high transaction speeds of up to 6,500 per second and maintain scalability.

In summary, AVAX’s price appears to be appreciating due to natural market dynamics rather than major fundamental developments. The token looks poised to retest key overhead resistance around $40, which if broken, could see heightened bullish momentum ahead.

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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!

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