After the recent upswing in the last few weeks of 2023, the markets have now begun to revive the bullish trend. The bulls have again jumped into action after a brief accumulation, which suggests the markets are preparing for fresh price action. Regardless of the sideways trend of Bitcoin, Ethereum, and many other tokens, some altcoins like Chainlink and Avalanche have displayed extreme strength.
Ever since the AVAX price marked the levels at close to $50 for the first time since August 2021, the token has become self-assured of maintaining a considerable upswing. Although the pullback dragged the levels close to $35, the latest upswing revived the possibility of a continued upswing. Now that it appears that the bulls have again triggered a healthy rebound, it seems that the rally has found a base to initiate a fresh upswing soon.
The recent price action caused the AVAX price to rise above the decisive symmetric triangle but the bears quickly jumped in and began to extract their profits. Although the price is failing to surpass these levels, it continues to trade within the bullish limits within the 50-day MA & EMA levels. These levels are acting as strong resistance and support levels at the moment and hence a rise above the levels may set up a fresh upswing towards higher targets.
Will the AVAX price hit $100 in 2024?
The very first requirement for the Avalanche price is to rise above the current consolidation, which may reclaim the levels above $50. If the bulls maintain strength, then a minor rise above $60 could materialize. This may certify the beginning of a fresh upswing, which may head towards $100 after surpassing the pivotal resistance at $81. However, the volume has surged to a large extent in 2024 comparatively and hence the price is believed to maintain a healthy upswing in the coming days.