As Bitcoin price crosses above $73,000, the AVAX price is cashing in on the additional momentum to break above the $50 psychological mark. Amidst the rising trading volume and the growing inflows of Bitcoin Spot ETFs, the bull market seems on a nonstop bull uptrend.
Further, despite the lack of surge expected in Ethereum with the Dencun going live, the Avalanche price is on a bullish track. Being one of the top DeFi platforms, Avalanche could surpass the $100 mark shortly. Find out more in our multi-year AVAX Price Prediction.
Rounding Reversal Ready To Cross $100
With the bullish comeback from the $29 mark, the AVAX price shows a higher low formation signaling a strong uptrend. Further, with the recent 31% price jump at the start of this month, the altcoin is heading for a refreshed bull run.
Source – Tradingview
Currently, the AVAX price trades at $55.84 and successfully surpasses the psychological mark of $50 as the underlying demand grows. However, the intraday candle showcases higher price rejection as it peaks at $59.32.
As per the trend-based Fibonacci levels, the altcoin is stuck within two crucial levels of 61.80% and 78.60%. Hence, a breakout of either level will set the tone for the upcoming trend.
Technical indicators:
MACD: The MACD and signal line sustain a positive trend as they sustain above the zero line. Further, the rising trend in histograms reflects the rise in the underlying demand.
Will AVAX Price Reach $100?
With the AVAX price sustaining dominance above the psychological mark of $50, buyers are preparing for the next surge. Hence, sideline traders could find entry opportunities at current levels as a retest level.
In a bullish scenario, per Fibonacci levels, the uptrend can result in the 78.60% Fibonacci level breakout to scale to the $92 mark. Thus, the chances of the $100 barrier breakout are increasing significantly.
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