Avalanche (AVAX) price will double in December
The price of Avalanche (AVAX) more than doubled in December, hitting a new annual high today.
AVAX is approaching the $50 level, which it hasn't reached since May 2022. Can it be done before the end of the year?
AVAX reaches another annual high
AVAX's price has risen sharply since October when it traded as low as $8.65. In 63 days, the price increased by 425%, reaching a yearly high of $46.40 today.
During the rally, AVAX broke above the 750-day downtrend resistance line, which was from an all-time high. This further accelerated the rate of increase.
Since October, AVAX has formed eight bullish weekly candlesticks in 9 weeks.
RSI is a momentum indicator that traders use to determine whether the market is overbought or oversold.
A reading above 50 and an upward trend indicates that the bulls are still in advantage, while a reading below 50 indicates the opposite. The weekly RSI is rising and is above 50, both signs of a bullish trend.
Read more: How to buy Avalanche (AVAX)?
What do analysts say?
Cryptocurrency traders and analysts at X are optimistic about the future trend.
Blutz Capital has tweeted a high wave count, with AVAX price ending the fifth and final wave at $55.
Flash is also bullish and has a target of $65. His optimism is due to the long-term pattern and movement above the horizontal resistance area.
Read more: Best Avalanche wallet
AVAX Price Prediction: $50 Next?
Technical analysis of the daily time frame provides a vivid perspective. Technical analysts use the Elliott Wave theory to determine the direction of the trend by studying recurring long-term price patterns and the psychology of investors.
The most likely count indicates that AVAX is in the fifth and final wave of an upward move that began in September.
Wave five is extended and has more than 0.618 times the length of wave one and three combined.
If AVAX continues to rise, the next target will be $59, giving waves one and three plus five the same length. This will be another 28% increase. If the price of AVAX continues its rate of increase, it may reach the target in December.
The daily RSI supports this possibility as the indicator has broken out of the bearish divergence trend line (green) and is rising.
Although this is a huge AVAX price prediction, a daily close below $44 means that the top has been entered. If that happens, the price of AVAX could fall by 50% to the nearest support at $22.
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Disclaimer
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