The post Avalanche [AVAX] Rises 100% After Breakout: Can It Reach $60 Amid Market Uncertainty? appeared on BitcoinEthereumNews.com.

Avalanche (AVAX) has experienced a remarkable surge of 100%, sparking interest from traders as it eyes significant milestones ahead. As on-chain metrics indicate robust network activity, analysts predict a potential target of $60 if support levels hold. “Holding above $38.57 could pave the way for significant price gains,” states analyst Rekt Capital, underlining the importance of this support level. Avalanche (AVAX) surges 100% post breakout as analysts eye $60, with critical support at $38.57 and strong on-chain growth indicating sustained momentum. AVAX doubles in fortunes Avalanche’s price has surged from approximately $21.56 to a recent high of $47.81 after successfully breaking above a macro downtrend line and retesting it as support. This critical breakout has set the stage for vigorous bullish momentum, allowing the cryptocurrency to double its value in just a few weeks. The November monthly candle closed above the important support level of $38.57, reinforcing buyer control at this price point. With this level confirmed, analysts view it as essential for sustaining upward momentum in the coming months. Support at $38.57 and resistance at $47.81 Market participants are carefully monitoring the $38.57 support level, which is crucial for further price appreciation. The resistance levels at $43.18 and $47.81 present significant challenges for buyers, particularly the $47.81 mark, which aligns with previously established rejection zones. If AVAX can manage to hold its position above $42.81 and clear the $47.81 resistance, analysts forecast a potential bullish rally towards the psychologically significant target of $60. Source: X On-chain metrics and DeFi activity Recent on-chain data has revealed a dramatic increase in user activity across the Avalanche network, with new user addresses skyrocketing by 51.83% over the past week and active addresses seeing an uptick of 24.69%. Furthermore, zero-balance addresses have increased by 21.57%, hinting at rising adoption and engagement within the…

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Filed under: News - @ November 24, 2024 12:08 am