Avalanche Price Eyes Major Rally: Could November Bring 40% Gains?

Avalanche (AVAX), a Layer 1 blockchain token, has recently recorded a remarkable 30% price surge. This increase aligns with a broader cryptocurrency market rebound triggered by the outcomes of the U.S. elections. While most digital assets are experiencing notable gains, AVAX has seen a minor correction over the last 24 hours. Despite this short-term dip, the token appears poised to achieve 40% growth this month, reflecting strong investor confidence and market momentum.

Avalanche Price Targets 40% Growth in November

The crypto market showed stability today, continuing its momentum from last week’s impressive gains. Bitcoin remained steady at $90,000, maintaining its leading position in the market.

Ethereum and other top altcoins experienced notable surges, reinforcing the positive sentiment in the crypto space. Avalanche particularly stood out, with its price climbing 10% over the past week.

Over the past 24 hours, the AVAX price has experienced a slight decline, falling by 1.38%.Currently at $35.75, marking a modest decrease from its previous levels. The cryptocurrency’s 24-hour price performance reveals a low of $34.26 and a high of $36.30.

Will AVAX Price Hit $50 This Month?

Avalanche price prediction is nearing a pivotal price point, facing strong resistance at $37. A breakout could propel its value to $40. Sustained bullish momentum may see Avalanche surging to $50, potentially reaching $55 in the upcoming rally. Strong market backing remains crucial for Avalanche’s upward trajectory as it navigates this critical phase in its market performance.

The daily technical analysis of the Avalanche price shows strong bullish momentum in movement.  The Moving Average Convergence Divergence (MACD) indicator confirms the bullish sentiment. 

The MACD line has crossed above the signal line, supported by increasing green histogram bars. This crossover suggests upward solid momentum and a likely continuation of the upward trend.

Avalanche Price Chart: TradingView

The correlation between AVAX’s price trends and the percentage of stablecoin supply held by whales owning over $5 million. A noticeable fluctuation is evident, as whale accumulation influences market dynamics significantly. Recent increases in stablecoin holdings coincide with Avalanche price rebounds, indicating potential strategic accumulation behaviors.

Source- Santiment

Avalanche price shows strong potential for a 40% rally in November, driven by bullish technical indicators, market momentum, and strategic whale accumulation. Breaking key resistance levels could propel token toward $50, reinforcing its upward trajectory in the thriving crypto market.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.