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

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

The price of Avalanche (AVAX) has recently made a clear and significant breakout from both its long-term and short-term descending resistance trendlines.

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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

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.

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

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.

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

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