bullish

Rally

Bitcoin

Avalanche

<ul class="wp-block-list"> 
 <li>Avalanche (AVAX) reached $47.63, a price level last seen in April, marking a 22% rally in 24 hours.</li> 
 <li>Open interest in AVAX has surged to $554 million, matching levels seen in March when the token was trading above $60.</li> 
</ul> 
Today, Avalanche (AVAX) has captured attention with a remarkable performance, hitting a seven-month high as <a href="https://thenewscrypto.com/bitcoin-hovers-around-98k-amid-500m-liquidations/">Bitcoin</a> reclaims the $98K zone. Over the past 24 hours, AVAX has surged by over 22%, climbing from $38.78 to an intraday peak of $47.63—a level not seen since April. At the time of writing, AVAX is trading at $46.66 with a market cap of $19.09 billion. Additionally, the daily trading volume of AVAX soared approximately 18.86% to $1.88 billion. 
This impressive rally has secured Avalanche a spot among the top three gainers, with its weekly gains exceeding 32%. The token’s open interest has also risen to $554 million, a level similar to March when AVAX was trading above $60, a yearly high. 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
 <img loading="lazy" decoding="async" width="1024" height="239" src="https://thenewscrypto.com/wp-content/uploads/2024/11/image-208-1024x239.png" alt="" class="wp-image-115565" srcset="https://thenewscrypto.com/wp-content/uploads/2024/11/image-208-1024x239.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/11/image-208-300x70.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/11/image-208-768x179.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/11/image-208.png 1371w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 AVAX Open Interest (Source: <a href="https://www.coinglass.com/currencies/AVAX" target="_blank" rel="noreferrer noopener nofollow">Coinglass</a>)
 </figcaption>
 </figure>
</div> 
The altcoin market has benefited from a November bull run, sparked by Donald Trump’s election win on November 6. Since then, Avalanche has surged over 111% from a low of $22.38 on November 5 to its current price, showcasing unexpected strength. Also, the technical indicators suggest strong bullish momentum for AVAX. Will the altcoin climb back to its yearly high? 
<h3 class="wp-block-heading" id="h-24-h-avalanche-avax-price-analysis">24-H Avalanche (AVAX) Price Analysis</h3> 
The recent rise in Avalanche’s price follows its breakout above the resistance of an ascending channel pattern on November 22. This typically indicates that the price has surpassed the channel’s upper boundary, signaling strong bullish momentum. 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
 <img loading="lazy" decoding="async" width="1024" height="516" src="https://thenewscrypto.com/wp-content/uploads/2024/11/image-209-1024x516.png" alt="" class="wp-image-115566" srcset="https://thenewscrypto.com/wp-content/uploads/2024/11/image-209-1024x516.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/11/image-209-300x151.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/11/image-209-768x387.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/11/image-209.png 1300w" sizes="auto, (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> 
Analyzing the daily <a href="https://thenewscrypto.com/avalanche-avax-price-prediction/" target="_blank" rel="noreferrer noopener">AVAX/USDT</a> trading pair reveals that an RSI above 70 suggests the asset is in the overbought zone. This indicates that the price has risen significantly with strong bullish momentum, keeping the RSI elevated for an extended period, especially during a breakout. 
Zooming in, a CMF (Chaikin Money Flow) reading of 0.23 indicates strong buying pressure, with money flowing into the asset. This hints that bulls actively supporting the price despite its overbought status, suggesting positive sentiment and the potential for more gains. 
If AVAX maintains its momentum, it could retest the breakout level and push toward $50, potentially extending to $55, a key resistance zone during March’s bull trend. However, a failure to sustain above the resistance line could lead to a pullback towards the 20-day EMA at $39.56, presenting another opportunity for buyers. 
Highlighted News Crypto Today 
<a href="https://thenewscrypto.com/stablecoin-issuer-tether-mints-3b-in-usdt-amid-crypto-market-rally/" target="_blank" rel="noreferrer noopener">Stablecoin Issuer Tether Mints $3B in USDT Amid Crypto Market Rally</a>

Avalanche Hits 7-Month High Above $45 Amid November Bull Run

Table of Contents

TheNewsCrypto

Other articles published on Nov 25, 2024

Dogecoin at $1? This $0.0008 Token Could Explode to $50 and Take Over the Hype!

BitMEX Launches the ‘Decade of BitMEX’ Global Campaign With a $1 Million Prize Pool to Celebrate ...

GIGA Token Holder Loses $6.09M in Phishing Scam

Monsta Mash, Ethereum, and Algo to Lead the 2024-2025 Altcoin Boom?

Kernel Secures Binance Labs Funding to Redefine Restaking on BNB Chain (25 Nov)

Best Cryptocurrencies Linked to AI: Transforming Blockchain with Artificial Intelligence

Join our free newsletter for daily crypto updates!