December 12, 2023 at 07:02 PM GST 1 min read News
  • Avalanche price soars, accumulating at $20 resistance before hitting yearly highs above $40.
  • AVAX faces upward pressure after surpassing 0.5 FIB levels, aims for $58 target.
  • With RSI in the bullish zone, a minor pullback could temporarily slow AVAX’s rally.

Avalanche (AVAX) has shattered expectations by surging to new heights. Initially consolidating around the critical $20 resistance zone, AVAX experienced a seismic rally that propelled its price beyond the $40 mark, marking the highest point of the year.

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This surge came after AVAX successfully surpassed the 0.5 FIB levels and overcame the interim resistance at $38.56. However, the cryptocurrency is currently facing some upward pressure, particularly as it tests FIB. Market analysts suggest that AVAX may enter a consolidation phase around its current levels before making a significant move towards the next target—$58.

One key indicator to watch is the Relative Strength Index (RSI), which is currently in the bullish zone. This suggests the possibility of a minor pullback, which could momentarily slow down the momentum of the rally. Nevertheless, market sentiment remains optimistic about the future of AVAX, as it continues to defy expectations.

As AVAX continues its upward trajectory, the cryptocurrency community eagerly anticipates further developments in the ever-evolving world of digital assets.

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