Can AVAX reach a new high of $35?
AVAX has been in the spotlight recently, and its price fluctuations have attracted widespread attention. After a period of adjustment, investors and traders are closely watching whether AVAX can usher in a strong rebound and hit the important price of $35.
At present, the price of AVAX is $26.3, with a 24-hour trading volume of $611.2 million and a market value of $10.52 billion. Although the price has dropped slightly in the past 24 hours, AVAX's historical performance shows that it once reached a high of $146.18 in November 2021, and the lowest point occurred in December 2020, which was only $2.79.
AVAX's price movement is affected by many factors. Recently, key support levels and the activities of "whales" have had a positive impact on prices. AVAX has approached its 50-day simple moving average, showing a potential upward trend. At the same time, the surge in whale trading volume also shows the confidence of large investors in AVAX.
From a technical perspective, if AVAX can sustain above the 50-day moving average, the upward momentum could continue. However, if the price fails to hold this support level, it could face pullback pressure and fall to around $19.50. Nevertheless, bullish sentiment remains strong in the market, especially when the price reaches $31, with nearly $23 million of AVAX at risk of liquidation, which further strengthens traders' optimistic expectations for AVAX's future performance.
AVAX has risen 152% in price over the past year, outperforming 71% of the top 100 cryptocurrencies and mainstream cryptocurrencies such as Bitcoin and Ethereum. This strong performance reflects the market's growing confidence in AVAX.
However, AVAX has an annual inflation rate of 14.63%, which could put downward pressure on prices if demand cannot keep up with the growth in supply. In addition, AVAX may currently be overbought, meaning that the market may adjust. Therefore, before any major rise, AVAX may experience a pullback to allow the market to reach a more stable state.
Investors should pay close attention to market dynamics, whale activity, and changes in technical indicators to make decisions at the right time.
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