Avalanche (AVAX) Smashes $37.5 Resistance as Buyers Look to Reach $50

Avalanche (AVAX) buyers produced a 12% rally over the past 24 hours on the four-hour timeframe to break a critical resistance and sustain the bullish uptrend. This took the altcoin above the $37.5 resistance level and kept bulls firmly on track to hit $50.

AVAX’s rally coincided with the crypto market turning green with Bitcoin (BTC) leading the charge with a return to $70k. This strengthened the overall bullish narrative in the market with altcoins looking to go on a strong run.

Bitcoin Soars, Mining Stocks Take Flight

Bitcoin’s recent surge to near $70,000 is sending shockwaves through the crypto market, and Bitcoin mining stocks are leading the charge.

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AVAX is on a bullish streak

AVAX’s bullish streak began on 15 May with the altcoin quickly flipping the $33 resistance level to a strong support zone. This acted as a solid base for buyers to rally for sustained gains.

However, the $37.5 resistance proved a difficult hurdle with AVAX’s price action stalling at the price area for over a week. Yet, the return of bullish sentiment saw buyers go on a 12% pump to claim another resistance level.

The bullish conquest of this key resistance has opened up new opportunities for further gains. Aggressive traders can enter at the current market price at $40 and ride the bullish wave to $50-$55 for 20% profits on the spot market. Conservative traders can wait for a re-test of the new support at $37.5 before opening new positions.

Meanwhile, the Moving Average Convergence Divergence (MACD) indicator displayed a bullish crossover along with green histogram bars. Similarly, the Relative Strength Index (RSI) re-echoed the strong bullish trend by entering the overbought zone.

Avalanche Ecosystem Grows Bigger

The Avalanche ecosystem received a massive boost with the launch of GameChain by Gamestarter.

GameChain is a new Layer 1 blockchain designed for game developers. It provides a secure and user-friendly platform for developers to build on, all powered by the Avalanche network. GameChain further simplifies blockchain integration for developers through its intuitive SDK and cross-bridge functionality.

This could further boost AVAX's price, due to on-chain transactions and a rise in token volume.

Disclaimer: This article does not constitute trading, investment, financial, or other types of advice. It is solely the writer’s opinion. Please conduct your due diligence before making any trading or investment decisions.