The price of $AVAX, the native token of smart contracts platform Avalanche, has been hitting new all-time highs since yesterday, climbing up on the charts. The coin is seeing meteoric rises.
According to AVAX’s seven-day statistics, the altcoin has risen 33.6% in the last seven days and 76.5 percent in just two weeks. It has also increased by more than 133% in the last three months. AVAX has a year-to-date gain of 3,630 percent.
AVAX Price Analysis
Avalanche (AVAX) had joined the top 10 list coins leaving behind Shiba-Inu setting the new peak at $143. The long-term trend remains bullish; however, there might be a correction so that bulls can gain more strength for a further rise.
The price of AVAX has not stopped rising since it turned resistance at $106 into support. The bulls have complete control of the market, and the momentum is really strong. The next major barrier level to examine is $160.
The altcoin hiked as high as $119.98 printing an ATH. After a brief decline, AVAX again started a rally and rose to a new all-time high of $144.96. At the time of writing, it has corrected back to $131.78, major resistance on the upside is at $150. However, in case of decline major support is at $109.
Its Relative Strength Index RSI is bullish but is in an extremely overbought zone. Of the 14 moving averages, all of them are indicating a strong buy signal and two technical indicators are hinting at buy while three are showing a sell signal.
Since the start of the month, the RSI indicator traded in bullish. The sequence of lower peaks in the overbought region indicated a bearish divergence with respect to AVAX’s price action. Once selling pressure is depleted at 20-SMA and 50-SMA, traders can expect AVAX prices to hit $161.4 and $191.7.
On the flip side, if the price breaks below the 20-EMA, the selling pressure could come into play and the price may drop to $110.
Overall, it seems that AVAX price may enter the consolidation phase before moving above the $136-$137 range.
Catalyst For Avalanche Rally
Since Ava Labs CEO Emin Gün Sirer announced a partnership with the “Big Four” accounting firm Deloitte on Nov. 16, the AVAX price has been on a tear. Avalanche supporters also created a new fund named Blizzard earlier this month, which got a whopping $220 million in early funding from investors like Three Arrows Capital, Dragonfly Capital, and CMS Holdings.