- Avalanche price has factored in an additional 2.72% increase in the last 24 hours.
- The altcoin’s daily trading volume has surged by 31.63% as per CMC data.
While the community still shows signs of holiday lull, the crypto market has begun showing sparks. In the past day, Bitcoin reclaimed the $97K zone showing signs of recovery after the recent dip. Speculations of the cryptocurrency hitting $100K have once again arisen. Meanwhile, BTC has begun to propel the altcoin sector from slumber as leading tokens begin to surge.
Notably, one of the leading altcoins, Avalanche, has factored in a modest price increase of 2.72% in the last 24 hours. In the afternoon hours of January 2, AVAX was trading at a low of $39.18 before sliding further to an intra-day low of $38.39. However, in the past few hours, the altcoin has rebounded to reclaim its $40 level.
Secondly, inferring its weekly chart shows that Avalanche has depicted a 3.90% increase thus corroborating its price recovery. Additionally, in the past few days, the overall crypto market has turned bullish which has further propelled bullish candles in the altcoin. At the time of writing, AVAX was trading at $40.86 as per CMC data.
Moreover, Avalanche, in the past month surged to the $50 zone before bearish markets took over. On the other hand, these past few hours of activity suggest that it could be heading towards the road to recovery in the coming days.
Will Avalanche Price Reclaim its $50 Zone?
Analyzing Avalanche’s technical indicators shows optimistic speculations. The altcoin’s price recently crossed over its Hull Moving Average (HMA) value of $39.10. Furthermore, Avalanche’s RSI value lies at 50.75 after accommodating a sharp spike today. The RSI value, according to TradingView data, suggests that investors hold a neutral sentiment towards the altcoin.
AVAX/USDT Daily Price Chart (Source: TradingView)
These factors indicate a bullish trend for Avalanche price in the coming days if it sustains current positive momentum. In the case of sustenance, AVAX might face resistance at $41.66 before reclaiming its $50 zone. Following this, it can be expected to face yet another resistance at $53.87.
Meanwhile, other altcoins such as Ethena and Cardano have also shown price increases in the past day.
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