Avalanche Price Spikes 25% in 10-Day Rally – SocialFi Frenzy at Play?

Crypto News- Avalanche (AVAX) recently broke both long and short-term descending resistance trendlines, trading below $10.80 but surpassing $9.80. AVAX had followed a descending trendline since April, reaching a low of $8.61 in September. However, it broke free in October, surging by 25%. AVAX reached $10.78, its highest since August, driven by the launch of Stars Arena, a SocialFi platform on the Avalanche blockchain.

Avalanche Price Spikes 25% in 10-Day Rally – SocialFi Frenzy at Play?

AVAX Price Prediction: Can It Surpass the $11 Mark?

An analysis on the six-hour timeframe corroborates the breakout witnessed on the daily chart. It reveals that AVAX broke free from a descending resistance trendline on September 25, initiating the ongoing upward movement.

The daily Relative Strength Index (RSI) supports the bullish trend, with RSI above 50 and trending upwards. On the six-hour chart, AVAX also broke free from a descending resistance trendline on September 25 and breached the $9.80 resistance, confirming it as support on October 7. The six-hour RSI is bullish, above 50 and rising.

If the uptrend continues, AVAX could potentially surge by another 16% to reach the $12.30 resistance area based on Fibonacci retracement theory. However, a loss of momentum could trigger an 8% retracement to the $9.80 support zone.