Flow

bullish

Bitcoin

Avalanche

Reserve

<ul class="wp-block-list"> 
 <li>Avalanche (AVAX) soared around 10% in the last 24 hours, rising from $26.14 to a high of $28.66.</li> 
 <li>The price has broken out of a falling wedge pattern, and the 9-day MA has crossed above the 21-day MA.</li> 
</ul> 
As the cryptocurrency market showcases an upward shift, <a href="https://thenewscrypto.com/is-bitcoin-poised-for-a-major-breakout-beyond-65k/" target="_blank" rel="noreferrer noopener">Bitcoin</a> (BTC) has climbed to $64,000, prompting a rally among leading altcoins, including Avalanche (AVAX). In the past 24 hours, AVAX has gained around 10%, rising from a low of $26.14 to an intraday high of $28.66, a level not seen since July 25. 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full">
 <img decoding="async" width="763" height="340" src="https://thenewscrypto.com/wp-content/uploads/2024/09/image-57.png" alt="" class="wp-image-108538" srcset="https://thenewscrypto.com/wp-content/uploads/2024/09/image-57.png 763w, https://thenewscrypto.com/wp-content/uploads/2024/09/image-57-300x134.png 300w" sizes="(max-width: 763px) 100vw, 763px">
 <figcaption class="wp-element-caption">
 AVAX Price Chart (Source: <a href="https://coinmarketcap.com/currencies/avalanche/" target="_blank" rel="noreferrer noopener nofollow">CoinMarketCap</a>)
 </figcaption>
 </figure>
</div> 
Currently, Avalanche is trading at $28.14, with a market cap of $11.42 billion. Additionally, the daily trading volume has seen an uptick, increasing by around 11% to $496 million. Historically, AVAX has displayed significant volatility, especially during the last bull market in March, when many cryptocurrencies traded above expectation and hit all-time highs.&nbsp; 
<h3 class="wp-block-heading" id="h-technical-analysis-and-price-projections-for-avalanche-avax">Technical Analysis and Price Projections for Avalanche (AVAX)</h3> 
After peaking at $140 in November 2021, the price had plunged into single digits but often tested the resistance between $22 and $25. However, a minor bull run in late December 2023 pushed AVAX beyond the $60 mark during Bitcoin’s all-time high, only to face a correction that dampened bullish sentiment. 
Even Avalanche has struggled to breach the $30 resistance level since July. However, following the recent Federal Reserve rate cuts, optimism has surged within the crypto community. As Bitcoin breaks through its crucial $64,000 barrier, many are hopeful that Avalanche could also surpass its yearly highs. 
<a href="https://thenewscrypto.com/avalanche-avax-price-prediction/" target="_blank" rel="noreferrer noopener">Technical analysis reveals</a> that AVAX has broken out of a falling wedge pattern, exhibiting strong bullish candles. According to the AVAX 4-hour price chart, the 9-day moving average has crossed above the 21-day moving average, suggesting a positive trend. Additionally, the Relative Strength Index (RSI) is nearing overbought territory, which could indicate sustained bullish momentum if buying pressure continues. 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
 <img decoding="async" width="1024" height="516" src="https://thenewscrypto.com/wp-content/uploads/2024/09/image-58-1024x516.png" alt="" class="wp-image-108539" srcset="https://thenewscrypto.com/wp-content/uploads/2024/09/image-58-1024x516.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/09/image-58-300x151.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/09/image-58-768x387.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/09/image-58.png 1295w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 Avalanche (AVAX) Price Chart (Source: <a href="https://in.tradingview.com/symbols/AVAXUSDT/?exchange=BINANCE" target="_blank" rel="noreferrer noopener nofollow">TradingView</a>)
 </figcaption>
 </figure>
</div> 
Further, the MACD is currently positioned above the signal line, and the Chaikin Money Flow (CMF) stands at 0.20, reflecting a strong bullish sentiment in the market.&nbsp; 
With these indicators, if Avalanche (AVAX) breaks above the $30 level, it could pave the way for further gains toward $37, where it may encounter another resistance. If it successfully surpasses this peak, we could see the price rise above $40. In such a scenario, AVAX might continue its upward trend, potentially reaching $50 or even $62 in the coming weeks. 
However, if AVAX fails to maintain its position above the crucial support level at $25, it may decline to $23 and could even drop below $20. Monitoring these levels will be key for traders. 
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Is Avalanche (AVAX) Poised to Break Through $30 Soon?

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