The altcoin market has been experiencing a bullish rally in November, with top tokens adding significant value to their portfolios. Among these, AVAX has stood out by reclaiming the $40 mark and heading towards a new 8-month high.
Currently hovering around $43, the AVAX price has surged by 60% this month alone. Despite a minor drop of around 3% in the last 24 hours, the altcoin has seen a notable increase in value over the past week and month. With a market capitalization of $17.46 billion, AVAX has secured the 11th position among cryptocurrencies.
Technical analysis shows that the EMA 50/200-day has experienced a Golden Cross in the daily timeframe, indicating a strong buying sentiment in the market. The Relative Strength Index (RSI) has also retested its overbought range and continues to trade above it. These factors suggest that the Avalanche price may continue to rise in the future.
Looking ahead, there are two possible scenarios for AVAX. If the bullish trend persists, the altcoin could retest its $50 mark this week and potentially move towards its upper resistance level of $57.20. On the other hand, a trend reversal could see AVAX dropping to its support level of $40, with further downside potential towards $31.50.
For those wondering about the long-term prospects of AVAX, predictions suggest that the token could reach $160 by 2025 if the bullish momentum continues. However, reaching the $100 mark would require a significant jump of 134.96%.
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