- Avalanche’s native token, AVAX, is approaching the significant $50 milestone.
- AVAX broke free from a 750-day descending resistance trend line, a barrier since its all-time high.
- Market analysts, including Bluntz Capital and Flash, express bullish sentiment.
Avalanche’s native token, AVAX, is poised on the brink of a significant milestone as it approaches the $50 level. The rapid ascent in AVAX’s price over the last 30 days has been nothing short of spectacular, catapulting from a low of $19.6 in November to a new yearly high of $46.40.
The bullish momentum gained further traction as AVAX broke free from a 750-day descending resistance trend line, a hurdle in place since its all-time high. This breakout intensified the rally, resulting in the creation of eight bullish weekly candlesticks in just nine weeks.
Analysts share bullish AVAX sentiment
Market analysts and traders on X share a bullish sentiment about AVAX’s future trajectory. Bluntz Capital’s bullish wave count signals an anticipated completion of the fifth and final wave around the $55 mark. Meanwhile, Flash expresses optimism, with a target set at $65, attributing the positive outlook to a breakout from a long-term pattern and movement above a crucial horizontal resistance area.
A closer look at the daily time frame through technical analysis, particularly employing the Elliott Wave theory, suggests a bullish trajectory for AVAX. Indications point towards AVAX being in the fifth and final wave of an upward movement that commenced in September. Notably, wave five has extended and exceeds 0.618 times the combined length of waves one and three.
The next plausible target is set at $59, aligning wave five with the combined length of waves one and three, translating to an additional 28% increase. If the current pace persists, AVAX could reach this target by December.
Reinforcing this bullish outlook is the daily Relative Strength Index (RSI), which has broken out from its bearish divergence trend line and is on an upward trajectory.
