Avalanche Eyes for $21 Level; Will AVAX Sustain the Uptrend?

The Avalanche blockchain offers similar functionality to the Ethereum blockchain by targeting decentralized applications and smart contracts. AVAX has simplified the sorting process for acquiring more tokens with some chains to address different types of transactions.

With its market cap of $5,487,896,274 in 15th place, only 39% of the total 720 million AVAX tokens have entered the market, and the remaining 61% have not entered the circulation market. A large part of the token volume is reserved for staking rewards.

Avalanche is a popular and rewarding staking blockchain that offers huge profits annually. The minimum volume required for this transaction is 2000 AVAX tokens, which could cost $38,920 based on the current market value of $19.46. This token has hit an all-time high at $146.22, which has increased investor expectations.

The avalanche price action is limited to a narrow zone. Before it surpasses $22, one should remain patient to avoid falling into the dumping trap after consecutive price increases. Visit here to know when the token will reach the above level.

The Avalanche blockchain is blessed with positive trends in July 2022. We are seeing a significant jump in seven days with no major eruption. Since failing at the immediate $22.5 resistance level, AVAX token has fallen back to $16.5.

The resistance zone for the AVAX token has become much broader due to a sharp drop in valuations in May 2022. Price analysis sees $40 as the top of the current resistance zone, which could act as a consolidation zone as AVAX may take months to break out of this zone.

With the positive uptrend, the RSI indicator is confirming the bullish sentiment with a histogram level of 50. 50 is quite a positive area considering that the RSI was trading in an oversold zone just a month ago. The MACD indicator is also showing strength in the current price action and continues to bounce forward.

Avalanche’s five consecutive days of positive endings could generate positive feedback from fellow enthusiasts. Although this token peaked at $146, $60 was the previous support level due to higher volatility. Therefore, if AVAX breaks above the 50-day and 100-day EMA curves, buyers can see a huge price surge to $60 in the next few months.

There might be some consolidation near $40, but AVAX token can continue to move up as much as $60 based on current sentiment and volatility.

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