BasEx | Avalanche (AVAX) Hits New Yearly High - Market Insights
Avalanche (AVAX) Hits New Annual High Again. Should We Expect $30?
07.12.2023
Avalanche (AVAX) Hits New Annual High Again. Should We Expect $30?

The price of Avalanche continues to rise, overcoming a long-term resistance zone. We consider whether AVAX can maintain this growth.

Since the beginning of October, there has been a steady increase in the value of Avalanche. Recently, AVAX reached a price of $26.96, breaking through a long-term horizontal resistance area.

On the weekly chart, it is evident that AVAX has significantly strengthened since the beginning of October. The token has risen by 200%, reaching a new annual high of $26.96.

During this growth, Avalanche overcame two important descending resistance lines. The first (solid) has existed since August 2022, and the second (dotted) since the historical high was set.

The weekly Relative Strength Index (RSI) continues to rise and is above the neutral level of 50. Despite the momentum indicator entering the overbought zone (green icon), last time this led to reaching a historical high.

Cryptocurrency analysts and traders are optimistic about the future of Avalanche.

Experts had speculated that before a bullish surge, the price of AVAX would surpass the $22 mark and set a new annual high.

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