The post Avalanche Price Targets Rally To $42 If AVAX Clears This Hurdle appeared on BitcoinEthereumNews.com.

Avalanche price has crawled back in the past three days and was attempting to cross the 50-day moving average. AVAX, the thirteenth biggest cryptocurrency, was trading at $27.10, up from this week’s low of $22.75. Traders are now hoping that more gains will push it up by 56% to the key resistance at $42. Avalanche Price Looking to Retest $42 Technicals point to a potential Avalanche price rally, which could see it rise to the important resistance level at $42, its highest level on May 22.  Odds of this rally rose after the coin found a strong along the ascending trendline that connects the higher lows since August 7. It is also attempting to rise above the 50-day and 100-day Exponential Moving Averages (EMA), signaling that bulls are about to regain control.  Additionally, Avalanche price oscillators have started to point upward, with the Relative Strength Index (RSI) crossing the neutral point of 50. The two lines of the MACD indicator have also pointed upwards and are about to cross the zero line. Therefore, a volume-supported move above the resistance level at $31, will point to more gains to $42. Such a rally would imply a 56% comeback from the current level.  Avalanche Price Chart On the other hand, a drop below the ascending trendline will invalidate the bullish view and signal that there are more bears left in the market. If that happens, AVAX token will drop to the next key support at $17.27, its lowest point in August. Some analysts believe that Avalanche may continue doing well in the coming weeks. In an X post, CryptoDoc, a popular analyst with 70k followers, predicted that it may have a bullish breakout provided it remained between $22 and $26.  Potential Catalysts For The AVAX Surge Several catalysts may push the price…

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Filed under: News - @ November 7, 2024 11:19 pm