Why is Avalanche (AVAX) Price Up? Indicators Look Promising, But Here’s the Catch

The price of Avalanche’s AVAX token has been surging lately, with another 18% pump today that has taken AVAX to around the $60 level. But what is driving this recent rally in AVAX?

Technical analysis suggests the upward momentum could continue further based on several indicators. The popular trader CScalp shared their long AVAX position on TradingView:

“LONG #AVAXUSDT from $57.3 stop loss $54.315m TF. The instrument is currently in the growth leaders, the upward movement structure continues, after the night spill, the price was perfectly bought off, high buyer activity appeared again + trading volumes increased noticeably locally, the price tightened under the formed cascade of highs, which retains liquidity, the removal of which I will consider, I expect to see a continuation of the long to the $62 mark.”

Breaking this down, CScalp points to several bullish factors like AVAX being one of the market leaders right now, strong buyer demand absorbing sell-offs, increasing trading volume, and the price coiling up beneath a cascade of higher highs. This suggests AVAX has been consolidating after the recent run-up while maintaining bullish structure.

Explosion in Meme Coin Market; How to find potential successors to $WIF, $PEPE, and $BONK?🤫

The key? Getting in early, especially during the ICO phase. Check out NuggetRush today! This new memecoin combines play-to-earn gaming with authentic gold mining ventures. Seize the opportunity with ongoing presale prices! Plus, prepare for $NUGX’s upcoming launch on major exchanges.

Show more +

Other technical indicators still favor more upside for AVAX. The MACD line being below the signal line is a bearish signal indicating waning short-term momentum. However, the RSI hovering around 50 across timeframes suggests AVAX is not overbought and has room to rally further. CScalp’s $62 target also aligns with the 2.618 Fibonacci extension level, a common price objective for bullish continuations.

Given the weight of technical evidence, the path of least resistance for AVAX seems to be continuing its uptrend in the near-term. A break and daily close above $62 could open the door for the rally to extend further towards the next major resistance around $70-75. However, any loss of the $54 support level would put the brakes on the current bullish move.

You may also be interested in:

Check NuggetRush ($NUGX)

Sponsored: Invest Responsibly, Do Your Own Research.
Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.


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!